Soybeans 6 to 8 Higher on Argentine Struggles

Soybeans are 6 to 8 cents per bushel higher this morning as Argentine crush plants continue to be hampered by trucking restrictions. Futures were mixed on Friday, but May beans were 19 cents higher for the week. Soybean meal futures closed the week $2.10/ ton lower, with a Friday gain of 20 cents/ton for May contracts. Meal futures are up $3.70/ton this morning. May bean oil futures closed Friday with a 35 point gain, which added to the 121 point gain wk/wk. Private exporters reported a sale of 163,290 MT of soybeans to Mexico for 2019/20 delivery. In the weekly update from the CFTC, soybean spec traders were 2,444 contracts net short on 03/24. That is less short by 28,202 contracts wk/wk. Soybean meal spec trading also saw short covering and funds were 22,999 contracts more net long. Their 39,099 contract net long is the largest long since October 2018. Managed money soybean oil traders flipped to net short on Tuesday, their net long lasted 27 weeks. Brazil’s Foreign Trade Department forecasts the monthly soybean exports will hit 9.5 MMT which would be a 12% increase yr/yr. The IGC is projecting the world soybean crop will balloon to 366 MMT vs. 341 MMT the previous year. --- provided by Brugler Marketing & Management

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