Soybeans Holding Higher at Midday
The soybean market is posting midday gains on Monday, with contracts stready to 3 cents in the green. The cmdtyView Cash Bean price is up 3/4 cents to $10.01. Soymeal futures are down $4.60/ton on the day, with Soy Oil futures back up 35 points.
USDA reported a total of 145,000 MT of soybean meal sold to the Philippines for the current marketing year.
USDA’s Export Inspections report indicated a total of 217,842 (8 mbu) of soybeans shipped in the week that ended on 5/15. That was down 50.4% from the previous week but 13.3% above the same week in 2024. Another round of no shipments to China were reported, with 65,958 MT headed to Mexico and 52,843 MT to Egypt. Marketing year shipments have totaled 44.13 MMT (1.622 bbu), which is up 11.1% compared to the same week last year.
The US soybean crop is expected to be pegged at 64% planted as of May 18, with analyst ideas ranging from 61-70%.
The large managed money spec funds in soybean futures and options increased their net long position by another 16,537 contracts during the week that ended last Tuesday. That took their net long position to a total of 38,407 contracts by May 13th.
Jul 25 Soybeans are at $10.50 3/4, up 3/4 cent,
Nearby Cash is at $10.01, up 3/4 cent,
Aug 25 Soybeans are at $10.47 3/4, up 1 1/2 cents,
Nov 25 Soybeans are at $10.38 1/2, up 3 cents,
New Crop Cash is at $9.75, up 2 1/4 cents,
On the date of publication, Austin Schroeder 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.