Soybeans

Soybean futures are trading 11 to 12 1/2 cents in the green, after showing gains of 20+ cents earlier in the day. Moisture in Argentina over the weekend was less than expected and there may also be some stock market cash trying to find a home. The trucker strike in Argentina was lifted over the weekend, allowing shipments to resume. Meal futures are up $10.30/ton, with nearby soy oil steady. The USDA reported a private sale of 314,000 MT of soybeans to Unknown Destinations with 198,000 MT for 17/18 and 116,000 MT for 18/19. That sale was offset by a cancellation of 455,000 MT of 17/18 soybeans to China. There was 1.319 MMT in soybeans inspected for export during the week that ended 2/8. That is 1.16% larger than a year ago and 14.55% larger than last year. Friday afternoon’s CFTC Commitment of Traders report indicated that money managers were net short 9,978 contracts as of Feb 6. That is an +11,871 contract move from the previous week.

Mar 18 Soybeans are at $9.94 3/4, up 11 3/4 cents,

May 18 Soybeans are at $10.05 3/4, up 12 1/4 cents,

Jul 18 Soybeans are at $10.15 1/2, up 12 cents,

Aug 18 Soybeans are at $10.17 1/2, up 12 1/2 cents,

Mar 18 Soybean Meal is at $354.10, up $10.30

Mar 18 Soybean Oil is at $31.96, unch,




Market Commentary provided by:

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