Soybeans

Soybean futures are 5 to 6 cents in the green on Monday. Nearby Soymeal futures are down 90 cents/ton, with front month soy oil 7 points higher. US exporters shipped 990,113 MT of soybeans for the week that ended 3/1. That was 29.21% above the week prior and 4.47% larger than this time last year. Friday’s CFTC commitment of Traders report showed spec funds holding a net long position of 147,380 contracts as of last Tuesday in soybean futures and options. The average trade guess for Argentina’s soybean crops is 48.5 MMT in a Bloomberg survey, with Informa apparently at 44 MMT. Brazil was 113.9 MMT in the same survey, but AgRural is up at a record 117.9 MMT! SAFRAS estimated that 31% of the Brazilian crop is harvested, lagging the 39% average and last year’s 46%. The delay is all in the south, with Mato Grosso ahead of the 5 year average.

Mar 18 Soybeans are at $10.66 1/2, up 5 3/4 cents,

May 18 Soybeans are at $10.76 1/4, up 5 1/4 cents,

Jul 18 Soybeans are at $10.84 1/2, up 5 1/4 cents,

Aug 18 Soybeans are at $10.81 3/4, up 5 1/4 cents,

Mar 18 Soybean Meal is at $389.30, down $0.90

Mar 18 Soybean Oil is at $32.13, up $0.07




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