On Monday, soybeans are trading 6 to 9 cents lower across most contracts, with the national average cash bean price down 3.5 cents to $10.89 1/2 per bushel. A total of 158 deliveries were issued on Friday, and 102 contracts against March bean meal futures were reported. Crude oil prices rose by $3.35 at midday, following recent U.S./Israel strikes on Iran, providing spillover support to bean oil futures, which are up 80 to 90 points.
According to Monday’s Export Inspections report, the U.S. shipped 1.138 million metric tons (MMT) of soybeans in the week of February 26, marking a 66.9% increase from the previous week and a 62% increase from the same week last year. China was the largest recipient, importing 734,698 MT, while total soybean exports for the marketing year reached 26.18 MMT, down 30.4% compared to last year.
The CFTC reported that managed money increased their net long position by 20,591 contracts as of February 24, totaling 184,202 contracts. AgRural has estimated the Brazilian soybean crop at 39% harvested, down from 50% last year, and reduced their output projection by 3 MMT to 178 MMT, while StoneX estimates it at 177.8 MMT.
