Soybeans are posting mixed trade on Monday morning, with old crop higher and new crop lower. They initially got a bounce out of the USDA reports, but closed mixed, with nearbys down ¾ to 3 cents. New crops was leading the way on a smaller acreage number, with fractional to 4 ½ cent gains. Preliminary open interest rose 21,689 contracts, with traders eager to play but not sure of the direction. August was down 70 cents during June, with the weekly loss at 13 ½ cents. Soymeal futures were down 60 cents to $3.20/ton, with Soy Oil futures up 14 to 34 points.
There were zero deliveries against July soy meal over the weekend. There were 249 contracts issued against July BO, with 101 stopped by the ADM house account. There were also zero deliveries vs. July soybeans, with none expected. The oldest long is dated February 23.
US Soybean acres were tallied at 86.1 million according to NASS. That was a 410,000 acre decline from the intentions back in March and 650,000 acres below the average trade guess. As of the survey conclusion, NASS reported 12.767 million acres of beans left to be planted, the second most (after 2022) in the 5 years USDA has tracked the data.
Quarterly Grain Stocks data showed 970 mbu of soybeans on hand at the end of the third quarter (June 1). That was up 174 mbu from last year’s 796 mbu, and just 8 mbu larger than the trade’s estimate of 962 mbu. Not a price mover.
The weekly Commitment of Traders report showed managed money adding 23,693 contracts to their net short position during the week, reaching -129,663 as of last Tuesday.
Monthly EIA data showed 1.07 billion lbs of bean oil used in biofuel production during April. That was a jump of 44 million lbs from March and the largest since December.
Jul 24 Soybeans closed at $11.50 1/2, down 1 3/4 cents, currently up 3 ½ cents
Nearby Cash was $10.97, down 1 3/4 cents,
Aug 24 Soybeans closed at $11.33 1/2, down 2 3/4 cents, currently up 4 ½ cents
Nov 24 Soybeans closed at $11.04, down 3/4 cent, currently down 2 ¼ cents
New Crop Cash was $10.51 1/4, down 1/4 cent,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
