US soybean futures on the Chicago Board of Trade closed mixed on Monday with spot May easing on profit-taking after last week's rally and positioning before USDA's monthly report on Tuesday. CBOT May soy down 4 cents per bushel at $11.30. July up 4-1/2 at $11.16.
Funds bought 1,500 lots. Traders monitoring Chinese demand for soy as this season's strong export pace was key to CBOT soy rally. CBOT May soymeal closed up $2.90 per ton at $362.40 and May soyoil down 0.02 at 39.28 cents per lb. News of first outbreak of new H1N1 flu in China added pressure on Dalian soybean and soymeal futures.
China aims to sell farm reserves without hurting prices. Trade data from the Commodity Futures Trading Commission showed that large speculators added 19,200 contracts to their net long soybean position as of May 5. Large specs were net long CBOT soyoil as of May 5, increasing net long by 6,800 in the past week-CFTC supplement. In soymeal futures/options, large specs expanded net long position by 10,700 contracts - CFTC.
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