Soybean contracts experienced positive trade on Friday, with prices rising between 10 and 17.25 cents at market close. Specifically, July futures increased by 4.75 cents for the week, while November futures rose by 6.75 cents. The cmdtyView national average cash bean price climbed 15.75 cents to $11.40. Soymeal futures also showed gains, increasing by 80 cents to $2.50, and July soy oil futures saw a slight uptick of 17 to 45 points, despite July slipping 84 points this week.
As of May 5, managed money increased its net long position in soybean futures and options by 36,335 contracts, reaching a total of 221,617 contracts. Additionally, speculators in bean oil futures raised their record net long position by 3,417 contracts to 169,142. However, export sales data indicated soybean sale commitments were at 38.92 million metric tons (MMT), down 18% from the previous year. Current shipments stand at 33.24 MMT, which is 23% below last year’s figures.
The USDA’s upcoming WASDE report on Tuesday is expected to show old crop US soybean stocks at 349 million bushels (mbu), unchanged from April’s forecast, with new crop data anticipated to reveal stocks of approximately 366 mbu for September 1, 2027.
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