Home Markets News Weather

Soy Market Lower on Profit Taking

« Go Back

Soybean traders dropped the prices of the front months from 2 1/2 to 2 3/4 cents at the close on Friday. Soybean meal was also $0.80/ton lower, with 15 point losses in the soybean oil front month. The Commitment of Traders report showed managed money was more net short wk/wk to 92,172 contracts. Spec trader open interest was up 14,274 contracts with the majority as new shorts. On Tuesday, managed money was more net short in soybean meal as well. The OI was higher, and managed money meal traders were at their strongest net short on record, which is 68,150 contracts. Soybean oil spec traders were less long in the weekly update. There was new selling and long liquidation noted. USDA’s long-term projection estimates soybean planting acreage at 84 million for 2020, with the following years climbing to 86 million. They estimate a 3.46% increase to 20/21 soybean exports. Meal and oil exports are projected to decline in20/21 before picking back up in the long term. Prior to the NOPA report release next Tuesday, traders estimate 173.75 mbu of soybeans crushed by NOPA members during January.

Mar 20 Soybeans closed at $8.93 3/4, down 2 1/2 cents,

May 20 Soybeans closed at $9.03 1/4, down 2 3/4 cents,

Jul 20 Soybeans closed at $9.15 1/2, down 2 1/2 cents,

Aug 20 Soybeans closed at $9.19 1/4, down 2 1/2 cents,

Mar 20 Soybean Meal closed at $291.10, down $0.80

Mar 20 Soybean Oil closed at $30.57, down $0.15

--- provided by Brugler Marketing & Management

« Go Back

Real-time Login
     Get Real-time Data
Edit Preferences      Refresh:   On   Off