Soybeans are trading with sharp losses of 20 to 22 cents in the front months, following elections in Brazil over the weekend. Futures pushed higher into the weekend, with contracts up 1 ½ to 5 ¼ cents across the board. November was down 4 ¾ cents on the week. Open interest was down 30,543 contracts on Friday, mainly in the November contract (-43,194). The cmdtyView national average Cash Bean price was up 3 3/4 cents at $11.99 1/4. Soymeal futures were mixed, down $1.20 to $1.60 higher, as December was $11 lower this week. Soy Oil futures were up 17 to 51 points on Friday, with December down 30 points on the week.
Following elections in Brazil over the weekend, President Lula da Silva was reelected in a surprise that has sent the Brazilian real down over 9% to the dollar this morning. The weaker currency makes their beans cheaper by comparison to the US.
The weekly CFTC update showed speculators in soybean futures and options net long 206,936 contracts as of October 20th. That was a reduction of 30,555 contracts over the course of that week. And soybean meal futures and options, managed money held a net long position of 204,693 contracts, less than 3000 contracts off their record net long from late September.
The weekly Export Sales report has accumulated sales (both shipped and unshipped) at 26.2 MMT, which is 81% larger yr/yr. That is 57% of the USDA projected export total and ahead of the 48% average pace.
Brazil’s soybean planting pace was estimated at 40% complete as of Thursday according to AgRural, running ahead of the 36% average pace.
Nov 26 Soybeans closed at $12.56 1/2, up 3 1/2 cents, currently down 20 1/2 cents
Nearby Cash was $11.99 1/4, up 3 3/4 cents,
Jan 27 Soybeans closed at $12.68 1/2, up 3 3/4 cents, currently down 21 3/4 cents
Mar 27 Soybeans closed at $12.76, up 4 1/2 cents, currently down 21 cents
Nov 27 Soybeans closed at $12.31, up 2 3/4 cents, currently down 15 cents
New Crop Cash was $11.64 1/2, up 2 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.