Soybean futures saw gains on Friday, with prices increasing by ½ to 4 ¾ cents, though March contracts slipped 8 ½ cents over the week. The cmdtyView national average cash soybean price rose by 4 cents to $11.02. Additionally, soymeal futures fluctuated between a decrease of 90 cents and an increase of $3, ending the week unchanged, while soy oil futures fell by 20 to 117 points.
The CFTC Commitment of Traders report revealed that managed money decreased its net long position in soybean futures by 14,479 contracts, resulting in a total of 175,151 contracts. Meanwhile, net long positions in soymeal rose by 42,203 contracts to 135,743. Weekly export sales data indicated soybean export commitments at 38.15 MMT, down 18% year-over-year, which is 91% of the USDA forecast, while actual exports reached 31.33 MMT, representing 75% of USDA estimates.
On May 26, soybeans closed at $11.67 1/4, up 3 ½ cents, with July contracts at $11.83, up 2 ½ cents, and November contracts at $11.56 1/2, gaining ½ cent.
