Soybean prices closed the Friday session with contracts down 2 to 6 ¼ cents across the board, with May still holding up for a 24 ½ cent gain. The cmdtyView national average Cash Bean price was down 2 cents at $11.50 1/4. Soymeal futures were down $1.60 to $2.50 higher on the day, with May seeing a $5.50 gain for the week. Soy Oil futures were mostly unchanged, with May up 86 points since last Friday. Crude oil closed up $3.57 on the day.
Weekly CFTC data from the Commitment of Traders report showed that managed money added another 23,205 contracts to the net long position in soybean futures and options, bringing the total to 222,107 contracts. Specs in bean oil added 33,329 contracts to their net long, totaling 108,838 contracts.
USDA Export Sales data revealed that soybean export commitments were at 36.49 MMT by 3/5, a 19% decrease from the same period last year. This is now 85% of USDA’s estimate for 2025/26, lagging behind the 93% average sales pace. Shipments stood at 27.15 MMT, 63% of the USDA number and behind the 79% average pace.
US Treasury Secretary Bessent and Chinese counterparts are set to meet in Paris this weekend to prepare for the upcoming meeting between President Trump and President Xi later this month.
NOPA data is expected to be released on Monday, with traders anticipating the February crush total to be at 202.73 mbu. Soybean oil stocks are forecasted to be at 1.928 billion lbs.
Brazil’s soybean crop estimate was slightly reduced by 0.13 MMT to 177.85 MMT according to the latest CONAB estimate.
In closing, May 26 Soybeans closed at $12.25 1/4, down 2 cents, Nearby Cash was $11.50 1/4, down 2 cents, Jul 26 Soybeans closed at $12.37 1/2, down 2 1/2 cents, and Aug 26 Soybeans closed at $12.18 1/4, down 3 cents.
Please note that on the date of publication, Austin Schroeder did not have any positions in the securities mentioned in this article. The information and data provided in this article is for informational purposes only. This article was originally published on Barchart.com.
