Soybean Markets Stabilize Ahead of Holiday Closure
As the long weekend approaches, soybean contracts showed modest gains. On Friday, nearby contracts rose between 5 and 7 cents. In contrast, March futures declined 13 ½ cents over the week. According to CmdtyView, the national front month cash bean price increased by 6 cents, reaching $9.75 1/2. Soymeal futures climbed by $2.70 per ton, while soy oil futures dipped by 4 points during the trading session. The markets will observe a closure on Monday in celebration of President’s Day, with regular trading resuming on Tuesday.
As of February 11, large managed money spec funds in soybean futures and options drastically reduced their net long position, cutting it by 28,554 contracts. By the following Tuesday, this net long was slashed nearly in half, leaving it at just 28,475 contracts.
Traders are eagerly awaiting the delayed NOPA data set to release on Tuesday, anticipating January crush totals to reach 204.54 million metric tons. This would represent a 10.1% increase compared to last year’s figures if realized. Soy oil stocks are projected to be around 1.289 billion pounds.
Here are the closing values for various soybean contracts:
- March 25 Soybeans: Closed at $10.36, a rise of 6 cents
- Nearby Cash: Reached $9.75 1/2, up 6 cents
- May 25 Soybeans: Closed at $10.52 3/4, up 5 3/4 cents
- November 25 Soybeans: Closed at $10.52, increasing by 6 3/4 cents
- New Crop Cash: Reached $9.88 3/4, up 6 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.
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