Soybean Market Experiences Mixed Results with Slight Weekly Decline
The soybean market witnessed minor losses, ranging from 1 to 2 cents on Friday. Premium contracts for July dropped by 1 ¾ cents this week, while new crop contracts saw slight gains, with November up a nickel. The cmdtyView Cash Bean price fell by 1 ¾ cents to $10.00 ¼. Soymeal futures decreased by $4.60 per ton on the day, contributing to a $2.20 decline for July during the week. Meanwhile, Soy Oil futures saw a decline of 40 points on Friday, although July recorded a weekly increase of 36 points despite a significant drop on Thursday.
In the realm of soybean futures and options, large managed money spec funds raised their net long position by 16,537 contracts during the week ending last Tuesday. This adjustment brought their total net long position to 38,407 contracts by May 13th.
The USDA’s Export Sales report indicates soybean export bookings at 48.003 million metric tons (MMT), equating to 95% of the World Ag Outlook Board’s latest forecast. This figure slightly trails the average pace of 98%. Actual shipments reported by the FAS stand at 43.897 MMT, representing 87% of the USDA projections and aligning with typical trends.
Meanwhile, the harvest in Argentina has advanced to 65%, according to the Buenos Aires Grain Exchange, which is behind the 70% average pace.
Market Prices Summary
Jul 25 Soybeans closed at $10.50, down 1 1/4 cents.
Nearby Cash was at $10.00 1/4, down 1 3/4 cents.
Aug 25 Soybeans closed at $10.46 1/4, down 1 cent.
Nov 25 Soybeans closed at $10.35 1/2, up 1/4 cent.
New Crop Cash was valued at $9.73 3/4, up 1/2 cent.
On the date of publication, Austin Schroeder did not hold (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are solely for informational purposes. For more information, please view the Barchart Disclosure Policy.
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