Soybean futures closed on May 26, 2023, with gains of 5 ¾ to 12 ¾ cents, bringing May futures to $11.87 ¾ and a weekly increase of 24 cents. The November futures rose 27 cents, closing at $11.82 ¾. The cmdtyView national average cash price for soybeans also increased by 13 ½ cents to $11.37 ¾.
According to the USDA’s latest Fats & Oils report, the March soybean crush was recorded at 227.36 million bushels, falling short of the 231.1 million bushel estimate but still showing an 8.5% year-over-year increase with total marketing year crush now at 1.651 billion bushels. Additionally, the USDA’s weekly Export Sales report indicated total soybean commitments at 38.776 million metric tons, down 18% from the same week last year, which is 93% of the USDA’s export target and 4 percentage points behind the five-year average.
In market analysis, speculators trimmed their net long position in soybean futures and options by 7,602 contracts to 185,282 contracts as of April 28, while bean oil net long positions increased by 281 contracts to a record 165,725 contracts.
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