Soybeans are pulling back on Monday with contracts down 8 to 9 cents across most contracts, as soon to expire (Thursday) November is down 4 ½ cents on light OI. CmdtyView’s national front month Cash Bean price was up 4 1/2 cents at $9.75 1/2. Soymeal futures are trying to push higher, though midday gains are limited to just 20 cents/ton. Soy Oil futures are giving back some of the recent strength, own 71 points.
The weekly Export Inspections and Crop Progress reports will be delayed to Tuesday due to Veterans Day on Monday.
Commitment of Traders data showed managed money spec funds in soybean futures and options trimming 2,114 contracts from their net short as of Tuesday. On November 5 they were net short 70,112 contracts.
Soybean planting in Brazil was tallied at 67% complete was of last Thursday, which is now 6 percentage points ahead of the same time last year. Precipitation is expected to make its way through some of the previously dry parts of Brazil in the next week.
Nov 24 Soybeans are at $10.12 1/4, down 4 1/2 cents,
Nearby Cash is at $9.67, down 8 1/2 cents,
Jan 25 Soybeans are at $10.21 3/4, down 8 1/2 cents,
May 25 Soybeans are at $10.48, down 8 3/4 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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