Soybean prices ended the week down 2 to 4 ½ cents, as March was 17 ¾ cents higher this week. CmdtyView’s national average cash bean price was down 4 1/4 cents at $10.67 1/4. Soymeal futures were up 70 cents to $1.30 that day, with March rising to $5.60 this week. Soy oil futures were down 40 to 47 points, up 175 points in the March week. Markets will remain closed on Monday on the occasion of President’s Day.
CFTC data indicated that managed funds added 94,316 contracts to their net long positions as of 2/10, taking it to 123,148 contracts.
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USDA export sales data showed soybean commitments at 34.572 MMT, down 20% from a year earlier. This is 81% of the USDA’s export estimate and 89% behind the 5-year average.
NOPA data will be released Tuesday, with analysts expecting a 218.5 MBU crush in January, which would see soybean oil stocks hit 1.71 billion pounds.
26 March soybean closed at $11.33, down 4 1/4 cents,
cash nearby Was $10.67 1/4, down 4 1/4 cents,
26 May Soybean Down 3 3/4 cents at $11.48 1/2,
26th July Soybean Down 3 1/4 cents at $11.60 1/2,
On the date of publication, Austin Schroeder did not have (directly or indirectly) any positions in any securities mentioned in this article. All information and data in this article is for informational purposes only. Please see the Barchart Disclosure Policy here for more information.
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