Soybeans Posting Double Digit Gains on Monday

Large pile of soybeans__600x450

Soybeans are posting double digit 11 to 14 cent gains on Monday, helped out by the oil part of the products. Preliminary open interest from Friday showed some net new buying, up 2,147 contracts. Soymeal was mixed, with May down 40 cents and July up 50 cents/ton. Soy Oil saw is trading 106 to 114 points higher at midday. 

Export Inspections data from USDA showed soybeans slipping some during the week that ended on April 18 at 435,256 MT. That was still 14.6% above the same week last year despite the 7% drop from the week prior. More than half of the total was headed to China, at 219,144 MT, as another 75,859 MT was shipped to Indonesia and 71,250 MT to Mexico. The Year to date inspections for soybeans have totaled 38.488 MMT (1.414 bbu), which is a 18.2% decline from last year. 

CFTC data from Friday afternoon showed specs in beans adding back 28,565 contracts to their large net short position in the week ending 4/16. That took them to a net short of 167,875 contracts. Commercials were adding longs (26,949 contracts), to increase that position to 53,691 contracts. In soybean oil specs added 49,167 contracts to their net short, the largest bear move on record, to 53,295 contracts. 

May 24 Soybeans  are at $11.64, up 13 1/2 cents,

Nearby Cash   is at $11.11 1/1, up 14 1/8 cents,

Jul 24 Soybeans  are at $11.79 1/2, up 13 3/4 cents,

Nov 24 Soybeans  are at $11.72 1/2, up 11 1/2 cents,

New Crop Cash   is at $11.10 1/8, up 12 5/8 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.