Soybeans Market Commentary

Soybean futures are mostly 6 to 7 cents lower this morning. They settled with losses of 2 to 3 cents in the front months to end a week that saw Nov up 2.02%. Soybean meal was down $5.50/ton on Friday, while soy oil was up 49 points. Weekly export sales data shows that soybeans export commitments (exports and unshipped sales) for 18/19 were down 7.2% from last year. Compared to the USDA export number, they are 32% complete, with last year running 34% at this time and the 5-year average at 42%. Spec traders in soybean futures and options added 1,544 contracts to their largest reported net short position since January 23 at 69,813 contracts. AgRural estimates that Brazil has 1.9% of their planned soybean area planted, vs. 0.3% for the 5-year average.

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