H&B Specialties, Inc. -

Soybeans 2 to 4 Cents Lower After Major Hit on Friday

Alan Brugler - Barchart - Mon Jan 25, 1:26PM UTC

Beans are trading 2 to 4 cents lower to start the new week, and more than a dime above their overnight lows. On the last trade day of last week, soybeans closed more than 50 cents per bushel in the red! Preliminary OI data suggests modest long liquidation of 9,336 contracts. That’s not very many bulls leaving for the amount of price impact they had. Meal and oil were also in the red, down $16-$18/ ton and 1.08-1.20 c/lb respectively, but the board crush spread was back up 8 1/2 cents to 80.10. The March soybean decline of $1.05 for the week was the biggest single weekly loss since 2014 for a lead month contract. The weekly Commitment of Traders report showed 14,357 spec bean longs liquidated on the week ending 1/19. On net, managed money was 151,898 contracts net long. Managed money also liquidated soymeal and soy oil longs during the week. USDA’s Export Sales data showed old crop bean bookings were 1.818 MMT for the week ending January 14, along with 831k MT for 2021/22 delivery. Meal estimates were also above expectations with 468,515 MT sold. Soybean oil sales were reported at 52,291 MT. The Buenos Aires Grain Exchange (BAGE) reported dryness improved in Argentina from 32% of the crop in reg/dry LW to just 13% for the week ending 1/21. Last year dryness only afflicted 3% of the bean crop.

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