Soybeans are trading 1 to 4 cents in the green this morning. They held on for steady to 11 ¾ cent higher trade across the front months at the close, with back month 2025 contracts lower. Preliminary open interest showed significant net new buying in soybeans on Friday, rising 25,132 contracts. Most of that was in the July and November contracts. July soybeans were up 9 cents this week, with November down 2 ¼. Soymeal futures were up 30 cent to $1.10/ton in the front months but weaker in the deferreds on the day. Soy Oil saw gains 44 to 75 points.
A brief planting window opened for the central US over the weekend. Scattered showers will permit planting in places from KS to OH, but MN and adjacent states are going to spend a lot of the week with the planters in the shed. Rains in flood soaked portions of southernmost Brazil are making it difficult for producers to get harvest wrapped up in Rio Grande do Sul. Emater estimates that 85% of the RGDS crop has now been harvested.
Commitment of Traders data from CFTC showed specs in soybean futures and options adding 1,212 contracts to their net short in the week of 5/14, as OI was dropping. They held a net short of 42,665 contracts on that Tuesday. Commercials saw an reduction to their net short of 1,472 contracts to -45,417 contracts as of Tuesday.
Jul 24 Soybeans closed at $12.28, up 11 3/4 cents, currently up 3 3/4 cents
Nearby Cash was $11.66 1/4, up 12 1/4 cents,
Aug 24 Soybeans closed at $12.25 1/4, up 8 1/2 cents, currently up 3 1/4 cents
Nov 24 Soybeans closed at $12.03 1/4, up 4 1/4 cents, currently up 1 1/2 cents
New Crop Cash was $11.47 5/8, up 4 1/2 cents,
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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
