Soybean Markets See Mixed Results Amid Export News

Soybeans concluded Friday’s trading session with gains ranging from 5 to 7 cents across most contracts, while March futures rolled off the board. However, May futures declined by 9 cents this week, with new crop November futures lower by 7 ½ cents. CmdtyView’s national front month Cash Bean price rose by 5.5 cents, reaching $9.53. Conversely, soymeal futures dropped $1.10 per ton in nearby contracts, although May futures saw an increase of $1.50 this week. Soy oil futures were up 37 points, despite May showing a further decline of 183 points over the week.

This morning, the USDA announced private export sales of 20,000 metric tons of soybean oil to unknown destinations.

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In terms of market participation, Commitment of Traders data revealed that managed money spec funds reduced their net short positions in soybean futures and options by 19,943 contracts as of Tuesday, bringing the total to a net short of 15,544 contracts.

Looking to upcoming reports, NOPA crush data for February will be released on Monday. Analysts anticipate that 185.229 million bushels of soybeans will be crushed during the month, reflecting a decrease of 7.6% from January’s totals due to the shortened month and a 0.5% drop compared to last year’s 29-day month data.

The Buenos Aires Grain Exchange has rated the Argentine soybean crop at 32% excellent, marking a 3% increase from the previous week, while poor ratings decreased by 1% to 26%. In Brazil, Safras & Mercado projects the soybean crop at 172.45 million metric tons, a reduction of 2.43 million metric tons from its prior estimate.

Mar 25 Soybeans closed at $9.99 1/4, up 11 3/4 cents.

Nearby Cash was $9.53, up 5 1/2 cents.

May 25 Soybeans closed at $10.16, up 5 1/4 cents.

Nov 25 Soybeans closed at $10.18, up 6 1/4 cents.

New Crop Cash reached $9.53 1/4, up 5 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 are solely for informational purposes. For more information, please view the Barchart Disclosure Policy.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.