Soy Market Ends Friday in the Red

Soybean options expired, with futures having posted 3/4 to 2 1/4 cent losses in the front months. March beans were the weakest on Friday and ended the week 3 1/4 cents lower than last Friday’s close. March meal futures were $3.70/ton lower on Friday which pushed futures negative on the week. Soybean oil was 52 points higher on Friday, for a 7 point gain wk/wk. The CFTC’s weekly update showed soybean spec traders were less net short on 02/18, with managed money OI lower. Soybean meal spec traders expanded their largest net short on record. The weekly Export Sales report from USDA showed 494,277 MT of soybean bookings on the week ending 02/13. That was below the estimated range, and 13.3% lower wk/wk. New crop soybean sales were 3,360 MT for the same week. Weekly shipments from the report were 957,812 MT, which was 5.4% higher than the same week last year. MYTD soybean exports total 28.406 MMT, which is 21.9% above than last year’s pace. Soybean sales to China totaled 11,484 MT or only 2.32% of total bean bookings. Soybean meal sales from the one-day delayed report were 169,433 MT which was also below the expected range. Soybean oil sales were on the high end of expectations, with 41,954 MT of soy oil bookings on the week. US soybean carry over for 2020/21 is expected to be 320 mbu according to the USDA Ag Outlook Forum data, that is the lowest since 2016/17 if realized and lifted the USDA preliminary avg cash price to $8.80/bu.

Mar 20 Soybeans closed at $8.90 1/2, down 2 1/4 cents,

May 20 Soybeans closed at $8.99, down 2 cents,

Jul 20 Soybeans closed at $9.09 3/4, down 1 1/4 cents,

Aug 20 Soybeans closed at $9.13, down 3/4 cent,

Mar 20 Soybean Meal closed at $289.20, down $3.70

Mar 20 Soybean Oil closed at $30.64, up $0.52

--- provided by Brugler Marketing & Management

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