Soybeans Close Friday on a Mixed Note
Soybeans shook off the early losses on Friday, but closed with the front months steady to ¼ cent higher and other contracts down 1 ¼ to 2 ¾. January saw a 4 ¼ cent gain this week. CmdtyView’s national front month Cash Bean price was back up 1/4 cent at $9.45. Soymeal futures were $1.70 to 3.60/ton lower. Soy Oil futures were up 61 to 72 points on the session.
This afternoon’s Commitment of Traders report showed managed money trimming 9,255 contracts from their net short in soybean futures and options as of 12/3. That position stood at 72,217 contracts by Tuesday. Soy meal specs peeled back their near record net short by 2,117 contracts to 73,299 contracts.
Expectations ahead of the monthly USDA report are for very few changes to be made to the US balance sheet on Tuesday, with the average estimate according to a Reuters survey at 469 mbu, down just 1 mbu from the November total.
The weekly Export Sales report has the MY soybean shipments at 21.703 MMT, 19% above a year ago and 44% of USDA’s full year 1.825 bbu projection vs. the 40% average pace. Commitments are now 36.185 MMT, 12% above the same week last year. That is 73% of the USDA projection, now ahead of the 72% average pace after lagging early on.
Jan 25 Soybeans closed at $9.93 3/4, unch,
Nearby Cash was $9.45, up 1/4 cent,
Mar 25 Soybeans closed at $9.99 1/4, up 1/4 cent,
Jul 25 Soybeans closed at $10.20, down 2 1/4 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.