Grainland Farmers -

Soybean Futures Mixed in Early Monday Trade

Alan Brugler - Barchart - Mon May 17, 12:23PM UTC

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ZSK24 - Soybean

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ZSN24	1175-0	-4-6	-0.40%
ZSPAUS.CM	11.0674	-0.0423	-0.38%
ZSX21	1234-0s	+21-6	+1.79%
ZSPX21US.CM	12.3270	+0.2300	+1.90%

The new week of soy trading sets off with futures 1 cent lower to 6 cents higher. As with corn, old crop July is the strongest. Front month soybean futures ended the last trade day of the week with 2 1/4 to 9 cent gains – led by new crop. May beans expired 17 1/2 cents above July at $16.03 3/4. Preliminary open interest for soybeans was down 7,072 contracts on Friday. Meal futures closed the session in the red, with losses of $2.70 to $2.90/ton. Soybean oil futures closed 152 to 180 points higher, more than making up for the Thursday losses.

Dalian No2 Soybean Prices are still trading above $18 per bushel despite massive imports. Trade ideas for soybean planting progress in the US are running 57 to 58%, well ahead of the 37% average pace. Private analyst HIS Markit estimates US soybean acreage at 88.5 million, with most of the missing acres from the March Intentions report going to corn.

Trade ideas for today’s NOPA report are averaging about 168.7 million bushels for April soy crush, with soy oil stocks around 1.785 billion pounds.

The weekly CoT report showed soybean spec traders increased their net long 3,023 contracts ahead of USDA’s report to 177,822 as of 5/11. Commercial positions added 39,868 contracts of open interest, slightly reducing their net short to 288,216 contracts. CFTC’s data as of 5/11 showed meal spec traders were 15,466 contracts more net long to 69,616 contracts. Managed money was 85,850 contracts net long in soy oil as of 5/11, which was down by 1,655 wk/wk via risk off close outs ahead of the report.

Jul 21 Soybeans closed at $15.86 1/4, up 2 1/4 cents, and up 6 ¾ this morning

Aug 21 Soybeans closed at $15.27 1/2, up 5 1/4 cents, and up 4 this morning

Nearby Cash was $15.92 on Friday, up 7/8 cent,

Nov 21 Soybeans closed at $14.00 3/4, up 4 1/4 cents, and down ¼ this morning

New Crop Cash was $13.51 ½ on Friday, up 4 1/4 cents,

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