Soybeans closed with Friday gains of ½ to 4 ¾ cents across the board, with Marh slipping 8 ½ cents on the week. The cmdtyView national average Cash Bean price was up 4 cents at $11.02. Soymeal futures were down 90 cents to $3 higher on the day, closing the week unchanged. Soy Oil futures were down 20 to 117 points led by the front months, though May was up 107 points on the week. The latter is pressured as crude oil fell $9.12 on the day following Iran agreeing to open the Strait of Hormuz this morning.
CFTC Commitment of Traders data showed managed money cutting back 14,479 contracts from their net long position in soybean futures and options in the week of April 14, mainly via longs exiting. That took the net position to 175,151 contracts. Meal specs took their net long 42,203 contracts higher to 135,743, while bean oil money manager trimmed their record net long by 2,362 contracts to 148,320 contracts.
Weekly Export Sales data was released on Thursday now shows soybean export commitments at 38.15 MMT, down 18% from a year ago. That is now 91% of the USDA forecast and behind the 96% average sales pace. Exports are 31.33 MMT, which is 75% of USDA’s number and lags the 85% pace, but has picked up.
May 26 Soybeans closed at $11.67 1/4, up 3 1/2 cents,
Nearby Cash was $11.02, up 4 cents,
Jul 26 Soybeans closed at $11.83, up 2 1/2 cents,
Nov 26 Soybeans closed at $11.56 1/2, up 1/2 cent,
New Crop Cash was $10.94 1/4, up 1/2 cent,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
