Soybeans are 7 to 12 ¾ cents higher in early Monday futures action. Previous month Soy flour futures led the beans lower on Friday with 2.4% to 2.9% losses from as much as $13.50/ton. Despite the pullback on Friday, a meal still rose $3.90 for the week. Beans fell 11 ¼ to 20 cents over the previous month on Friday, leaving January futures with a net loss of 7 ¼ cents for the week. Long liquidation was noted, with preliminary open interest down 3,454 contracts on Friday. Soybean oil was the outlier on Friday, like the previous month Soybean Oil futures closed 31 to 38 points higher. Cash B100 prices were reported steady in the USDA weekly report, at $3.62/gal in MN and $5.47/gal in IL.
Weekly CoT data showed that managed funds firms bought soybeans during the week ended 11/14. The 15.9k new longs left the group 87,913 contracts net long. Commercial soybeans were adding shorts, boosting their net short by 17.7k contracts to 165,888. Spec traders were shown with a 131,404-contract net long in soybeans, +19.4k for the week by net new buying. Managed funds firms were 3.7k contracts less net short in soybean oil, at 6.6k contracts as of 11/14.
BAGE grew its planted area for 23/24 soybeans in Argentina by 1% to 17.3m HA (~43m acres). They listed the crop at 18% planted. Javier Milei is the new president of Argentina because voters got tired of high inflation and wanted to try a new direction. He has to deal with a hostile Congress and some of his extensive proposals such as adopting the dollar as the official currency and curbing grain export tax may take time to be a market factor.
Jan 24 Soybeans closed at $13.40 1/4, down 20 cents, currently up 12 3/4 cents
Close Cash was $12.80 3/8, down 20 1/8 cents,
March 24 Soybeans closed at $13.56 1/2, down 18 1/2 cents, currently up 12 cents
24 May Soybeans closed at $13.69, down 17 1/2 cents, currently up 11 cents
As of 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 for informational purposes only. For more information, please see Barchart’s Disclosure Policy here.
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