On Monday, soybeans are down 5 to 7 cents, currently trading at $11.20 1/2 as of midday. Open interest in soybean contracts increased by 16,951 on Friday. In contrast, soymeal and soy oil futures fell by $3 to $3.70 and 17 to 34 cents, respectively. Crude oil prices have risen by $3.97, nearly $25 off overnight highs.
In the upcoming WASDE report, US soybean ending stocks are expected to decrease by 6 million bushels to 344 million bushels. For the week ending March 5, soybean export inspections reported 879,190 metric tons shipped, a 24.3% decline from the previous week but a 2.5% increase from last year. China was the leading importer with 411,462 metric tons.
As of Thursday, Brazil’s soybean harvest reached 51%, compared to 61% at the same time last year, according to AgRural. Managed money increased their net long positions in soybean futures to 198,902 contracts as of March 3, reflecting an addition of 14,700 contracts during the week.
