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Tuesday, March 21, 2023 6:31:31 PM
Soybean Futures Drop Double Digits
By: Barchart | March 21, 2023
The nearby soy market ended the Tuesday session 13 to 19 cents lower. May beans printed a wide 32 cent range on the day, but closed near the low. Meal futures faded back from their midday gains and closed Tuesday $0.70 to $2.10/ton in the red across the front months. Soy oil prices were 2.5% to 3% weaker at the bell.
The latest CoT release showed soybean spec traders were 127,661 contracts net long in soybeans as of 3/14. That was a weekly drop of 29.7k contracts via long liquidation. The commercial soybean traders added new longs for the week, which reduced the group’s net short by 23k contracts to 196.7k. Managed money was also confirmed selling the products. For soymeal, long liquidation reduced their net long by 21k contracts to 134k. For soy oil it was net new selling, and flipped the managed money group net short by 1,189 contracts.
USDA’s Ag Attache figures the 23/24 Chinese soybean imports will reach 97.5 MMT, a 1 MMT increase yr/yr. Their crush is also anticipated to increase by 1 MMT to 95 MMT. The Attache estimates Indonesia’s 23/24 palm oil production at 46 MMT, a 3% increase yr/yr.
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By: Barchart | March 21, 2023
The nearby soy market ended the Tuesday session 13 to 19 cents lower. May beans printed a wide 32 cent range on the day, but closed near the low. Meal futures faded back from their midday gains and closed Tuesday $0.70 to $2.10/ton in the red across the front months. Soy oil prices were 2.5% to 3% weaker at the bell.
The latest CoT release showed soybean spec traders were 127,661 contracts net long in soybeans as of 3/14. That was a weekly drop of 29.7k contracts via long liquidation. The commercial soybean traders added new longs for the week, which reduced the group’s net short by 23k contracts to 196.7k. Managed money was also confirmed selling the products. For soymeal, long liquidation reduced their net long by 21k contracts to 134k. For soy oil it was net new selling, and flipped the managed money group net short by 1,189 contracts.
USDA’s Ag Attache figures the 23/24 Chinese soybean imports will reach 97.5 MMT, a 1 MMT increase yr/yr. Their crush is also anticipated to increase by 1 MMT to 95 MMT. The Attache estimates Indonesia’s 23/24 palm oil production at 46 MMT, a 3% increase yr/yr.
Read Full Story »»»
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