Soy Close Lower for Weekend
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 ZSK24 - Soybean
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ZSPX21US.CM12.3270+0.2300+1.90%

At the close for Friday, soybean futures were 8 1/4 to 12 1/4 cents in the red. For May, that finished the week as a 7 cent pull back. The fresh cash average price for old crop beans was a dime higher at $11.25/bu. Soymeal futures closed $4.30 to $5.60/ton weaker on Friday. BO futures gave back 48 to 53 points on the last trade day of the week, limiting May’s gain for the week to 30 points. USDA raised the cash average price for soy oil to 45 cents/lb.

Soybean carryout was UNCH at 120 mbu, compared to the average trade guess of 117. USDA did however switch 10 mbu from crush, moving it to exports which were 30 mbu higher to 2.280 bbu. Residual was also reduced by the remainder. The smaller crush cut BO production by 115m pounds and meal by 200k tons.

Global soy trade was increased by 1.2 MMT, with the 810k MT increase from US and a 1 MMT increase to Brazil. World soybean stocks were 3.13 MMT higher from the March forecast, despite the anticipated reduction. Chinese soybean stocks were 2 MMT higher on reduced crush.  

CFTC data showed soybean spec traders had increased their net long by 12,425 contracts through the week ending 4/6. That came via both new buying and short covering, and left the group 154,305 contracts net long. The CoT report also showed commercials expanded their net short by 19,665 contracts to 256,519.

May 21 Soybeans  closed at $14.03, down 12 1/4 cents,

Jul 21 Soybeans  closed at $13.98 1/4, down 11 1/2 cents,

Nearby Cash was $13.79 2/5, down 11 3/8 cents,

Nov 21 Soybeans  closed at $12.63 1/4, down 10 cents,

New Crop Cash was $12.13 1/6, down 9 3/4 cents,




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