Soybean Weakness Continues at Monday’s Midday
Soybean futures are failing to show much strength at midday, with contracts 4 to 8 cents lower. The cmdtyView Cash Bean price is down 4 1/2 cents to $9.91. Soymeal futures are showing $1.70/ton losses for July, as Soy Oil are down another 41 points.
Export Inspections data showed a slight jump in soybean shipments to 268,343 MT (9.86 mbu) during the week of May 29. That was up 34.2% from the previous week but down 25.7% from the same week last year. China was the largest destination of 64,998 MT, with 57,487 MT headed to Bangladesh and another 34,927 MT to Mexico. Marketing year exports have totaled 44.61 MMT (1.639 bbu) as we close in on the fourth quarter, which is 10.7% above the same period last year.
Large managed money speculators in soybean futures and options added 24,043 contracts to their net long position as of May 27th to 36,967 contracts. In soybean meal, specs were cutting back 13,681 contracts from their previously record net short position two 93,785 contracts as of Tuesday.
Monthly crush data will be updated later today, with traders looking for April crush to total 201.8 million bushels.
AgRural raised their Brazil soybean crop estimate by 1.3 MMT to 169 MMT, in line with the latest USDA number.
Jul 25 Soybeans are at $10.36, down 5 3/4 cents,
Nearby Cash is at $9.91, down 4 1/2 cents,
Aug 25 Soybeans are at $10.30, down 6 3/4 cents,
Nov 25 Soybeans are at $10.18 3/4, down 8 cents,
New Crop Cash is at $9.58 3/4, down 5 3/4 cents,
On the date of publication, Austin Schroeder 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.