Soybeans Feeling Pressure from Bean Oil

Soybeans are trading with 2 to 5 cent losses across most contracts on Monday. CmdtyView’s national front month Cash Bean price is down 1 3/4 cents at $9.41 ¼. Soymeal futures are up $1.90/ton on the day. Soy Oil contracts are down 134 points on the session, as $1.80/barrel losses on crude are playing a negative role. 

NOPA will released their monthly crush report on Tuesday, with the trade looking for a 170.33 mbu total expected. Soybean oil stocks are estimated at 1.083 billion lbs. 

CFTC data from Friday afternoon pegged managed money trimming another 13,088 contracts from their net short in soybeans futures and options. They held a net short of 21,798 contracts as of October 8. Commercials added another 9,952 contracts to their net short, at 40,284 contracts by that date.

Chinese soybean imports in September totaled 11.37 MMT according to the country’s customs data, which was up 59% from the same month last year. Since Jan 1, their imports have totaled 81.85 MMT, 8.1% largest than the year prior.

AgRural estimates the Brazilian soybean crop at 8.2% planted as of last Thursday, vs. the 17% from last year. 

Nov 24 Soybeans  are at $10.03 1/4, down 2 1/4 cents,

Nearby Cash  is at $9.41 1/4, down 1 3/4 cents,

Jan 25 Soybeans  are at $10.17 3/4, down 3 1/4 cents,

May 25 Soybeans  are at $10.45, down 4 1/4 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.