Soybeans rallied in Friday’s session with contracts lower 2 to 6 ¼ cents across the board, as May still held on for a 24 ½ cent gain. cmdtyView national average cash bin price was 2 cents lower at $11.50 1/4. Swimmel futures were up $1.60 to $2.50 on the day, as May was up $5.50 on the week. Soybean oil futures were mostly unchanged at 8 points, as May was 86 points higher since last Friday. Crude oil closed at $3.57 a day.
Another 23,205 contracts were added to net managed funds in soybean futures and options, according to weekly CFTC data from the Traders Commitment Report. This net position reached 222,107 contracts. Specifications in soybean oil added another 33,329 contracts to a net length of 108,838 contracts.
USDA export sales data showed soybean export commitments at 36.49 MMT by 3/5, a 19% decrease from the same period last year. It is now 85% of the USDA estimate for 2025/26 and behind the average sales pace of 93%. Shipments are 27.15 MMT, and now 63% of the USDA number and 79% of the average speed behind.
US Treasury Secretary Besant and Chinese counterparts are meeting in Paris this weekend to prepare for a meeting between President Trump and President Xi later this month.
With NOPA data due out on Monday, traders see the February crush total at 202.73 mbu. Soybean oil stocks are seen at 1.928 billion pounds.
Brazil’s soybean crop estimate was reduced by just 0.13 MMT to 177.85 MMT according to CONAB’s latest estimate.
May 26 soybeans closed at $12.25 1/4, down 2 cents.
Closest cash was $11.50 1/4, down 2 cents.
July 26 soybeans closed at $12.37 1/2, down 2 1/2 cents.
Soybeans closed at $12.18 1/4 on Aug. 26, down 3 cents.
As of the date of publication, Austin Schroder had no positions (either directly or indirectly) in the securities mentioned in this article. All information and data in this article is for informational purposes only. This article was originally published on Barchart.com
