For the week, May soybeans lost 35.75 cents, July -32.50. The COT report showed that managed money added 198 contracts to their long positions and liquidated 3,776 contracts of their short positions. Commercial interests added 222 contracts to their long positions and also added 5,307 contracts to their short positions. As of the latest report, managed money is long soybeans by a ratio of 5.94:1, which is up substantially from the previous week of 5.05:1, but dramatically below the ratio of 2 weeks ago of 7.38:1.
There was no good news for bulls in the grain complex. Soybean stocks came in at 1 billion bushels, which was 65 million bushels above trade estimates. The number of acres planted was smaller than trade estimates and came in at 77.126 million acres versus trade estimates of 78.394 million acres. On March 18, soybeans generated a short and intermediate term sell signal. We have been advising clients to stand aside