Soybeans Falling Out of the Weekend


Soybeans are posting double digit lower trade this morning. They faded into the Friday close, settling near the lows with contracts down 4 ¾ to 11 cents. July did manage to pull out a ½ cent gain on the week, though November, down 8 cents, wasn’t as strong.  Soymeal futures were up 10 cents/ton in the July contract, with the rest of the board down $1.40 to $3.80.  Soy Oil futures saw losses of 17 to 24 points.

The most active CME soybean options on Friday were the July 1340 and 1280 calls, along with the July 1150 puts. 

Ahead of Monday’s NOPA crush report, traders are expecting to see 178.35 mbu of soybeans crushed among members during May. That would be up from the revised 169.4 mbu total in April and slightly above the 177.9 mbu from a year ago. Soybean oil stocks are seen at 1.775 billion lbs for May 31, below the 1.832 billion lbs from the end of April. 

The weekly update from CFTC showed managed money adding back to their net short by 16,139 contracts in the week that ended on Tuesday. That net short was at 75,880 contracts. The commercial net short position was trimmed by 13,554 contracts to 23,959 by June 11. 

Jul 24 Soybeans  closed at $11.79 3/4, down 9 3/4 cents, currently down 15 1/2 cents

Nearby Cash  was $11.24 1/8, down 9 1/4 cents,

Aug 24 Soybeans  closed at $11.68 1/4, down 10 cents, currently down 14 3/4 cents

Nov 24 Soybeans  closed at $11.49 3/4, down 10 1/2 cents, currently down 12 3/4 cents

New Crop Cash  was $10.94 1/2, down 10 1/2 cents,

On 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 solely for informational purposes. For more information please view the Barchart Disclosure Policy here.