Beans Rally 20+ Into Weekend
Related Stocks
 ZSK24 - Soybean
SymLastChgPct
ZSK241191-4s-1-0-0.08%
ZSN241205-2s-1-2-0.10%
ZSPAUS.CM11.3491-0.0027-0.02%
ZSX211234-0s+21-6+1.79%
ZSPX21US.CM12.3270+0.2300+1.90%

At the end of the last trade day of the week, soybean futures were up by 21 3/4 to 25 cents in the most active months. That was mostly led by new crop, as the inverse from July to November tightened to $1.56/bu. Soymeal futures closed the session near the highs with gains of at least $14.20/ton nearby. Some of this was unwinding of oil/meal spreads. BO futures also closed in the black with Friday gain of 13 to 14 points. 

CFTC data showed managed money soybean traders were 174,799 contracts net long on 5/4. That was a 5,215 contract weaker net long wk/wk via long liquidation. On net commercial’s position did not change much, still 283,920 contracts net short, though OI was down 33,943 contracts (4%) on the week. For soymeal, the additional 6,500 contracts of spec open interest washed out and funds were still 54,150 contracts net long on 5/4. Spec funds reduced their soybean oil net long through the week by 5,082 contracts to 87,505. 

Canadian canola stocks were reported at 6.572 MMT as of March 31. StatsCan data states that is 37.7% tighter yr/yr. Canadian Canola Prices continue to set fresh all time highs, with in delivery May contracts breeching $1,000 CAD/MT. Soybean stocks were also 30% tighter compared to 2020, with 1.967 MMT of bean stocks in Canada as of 3/31. 

May 21 Soybeans  closed at $16.21, up 15 1/2 cents,

Jul 21 Soybeans  closed at $15.89 3/4, up 20 1/4 cents,

Nearby Cash  was $15.99 1/6, up 20 1/4 cents,

Nov 21 Soybeans  closed at $14.33 1/2, up 24 1/2 cents,

New Crop Cash  was $13.84 1/8, up 24 5/8 cents,




<p>Market Commentary provided by:<br /> <img src="https://s3.amazonaws.com/images1.aws.barchart.com/logos/bruglerlogo.gif" border="0" /><br /> Brugler Marketing &amp; Management LLC<br /> 1908 N. 203rd St.Omaha, NE 68022<br /> Phone: 402-697-3623<br /> Fax: 402-289-2353<br /> E-mail: <a href="mailto:alanb@bruglermktg.com">alanb@bruglermktg.com</a><br /> Web: <a href="http://bruglermarketing.com/">http://bruglermarketing.com</a></p> <p align="center"><!-- [if gte mso 9]><xml> <w:WordDocument> <w:View>Normal</w:View> <w:Zoom>0</w:Zoom> <w:TrackMoves/> <w:TrackFormatting/> <w:PunctuationKerning/> <w:ValidateAgainstSchemas/> <w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid> <w:IgnoreMixedContent>false</w:IgnoreMixedContent> <w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText> <w:DoNotPromoteQF/> <w:LidThemeOther>EN-US</w:LidThemeOther> <w:LidThemeAsian>X-NONE</w:LidThemeAsian> <w:LidThemeComplexScript>X-NONE</w:LidThemeComplexScript> <w:Compatibility> <w:BreakWrappedTables/> 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