Soybean Futures Show Mixed Results Amid Mixed Trade on Monday

Soybeans are experiencing varied trading performance so far on Monday, with contracts fluctuating between small losses and gains of up to 3 ¼ cents. Futures showed strength on Friday, closing 13 to 21 cents higher. The front month May contract surged by 65 ¾ cents from the previous Friday, while new crop contracts also experienced an increase of 41 ¼ cents last week. Preliminary open interest decreased by 17,234 contracts, as 37,515 contracts exited May. CmdtyView’s national front month cash bean price rose by 13 ¾ cents to $9.90 ½.

Soymeal futures advanced by $1.70 to $2.50 per ton, while Soy Oil futures climbed between 79 to 112 points.

Upcoming NOPA Data and Soybean Import Statistics

NOPA data is scheduled for release on Tuesday, with expectations that the March crush will total 197.6 million bushels, slightly exceeding the March 2024 figures. Analysts foresee soybean oil stocks reaching 1.617 billion pounds.

Recent Commitment of Traders data indicated a net increase of 20,600 contracts in soybean futures and options positions held by spec traders, totaling 50,477 contracts as of Tuesday. In contrast, commercials reduced their net short position by 21,775 contracts, leading to 81,365 contracts remaining.

In March, China’s soybean imports amounted to just 3.5 million metric tons (MMT), signifying a decrease of 36.8% from the previous year. First quarter imports were also down 7.9% year-over-year, totaling 17.11 MMT.

Current Soybean Prices

As of today:

• May 25 Soybeans closed at $10.42 ¾, up 13 ¾ cents, and are currently up by ¾ cent.
• Nearby Cash was at $9.90 ½, increasing by 13 ¾ cents.
• July 25 Soybeans closed at $10.53, up 16 ¼ cents, but currently down by ¾ cent.
• November 25 Soybeans closed at $10.25 ½, up 20 ¾ cents, with a current decrease of 3 ¼ cents.
• New Crop Cash was priced at $9.64, up 20 ½ cents.

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 intended solely for informational purposes. For further details, please refer to the Barchart Disclosure Policy here.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.