Soybeans

Soybean futures are trading steady to 2 cents lower this morning in the old crop contracts. They closed the Monday session with most contracts 4 to 6 1/2 cents in the green. Preliminary open interest rose 13,056 contracts on net new buying interest. Nearby Soymeal futures were down 90 cents/ton, with front month soy oil 5 points lower. 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. SAFRAS & Mercado estimates that 43.5% of Brazil’s soybean crop has been sold by producers, compared to 42% for this time last year and the five year average of 50.2%.




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