As of Monday morning, soybean futures are trading 3 to 8 cents higher, following significant gains on Friday where futures closed up 5 ¾ to 12 ¾ cents. Last week, May soybeans increased by 24 cents and November by 27 cents. Preliminary open interest showed new buying interest with an increase of 10,854 contracts on Friday. The cmdtyView national average cash bean price rose by 13 ½ cents to $11.37 ¾.
USDA’s Fats & Oils report from Friday indicated that March soybean crush totaled 227.36 million bushels, falling short of the 231.1 million bushel estimate but marking a 6.15% increase from February. Year-to-date crush is now at 1.651 billion bushels, up 8.5% from the previous year. Additionally, total soybean commitments reported in the USDA’s weekly Export Sales report are at 38.776 million metric tons, representing an 18% decrease from the same week last year.
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