Soybean futures closed higher on Friday, with May contracts up 10.5 cents to settle at $11.75¾. The May soybean meal rose by $16.60 for the week to $14.20, while nearby cash prices increased by 11 cents, reaching $11.08. In contrast, soybean oil futures fell, with May down 185 points this week.
The USDA announced a private export sale of 100,000 metric tons of soybean meal to Italy. However, CFTC data indicated that speculators reduced their net long position in soybean futures by 23,777 contracts, now totaling 189,630 contracts, while managed money extended their net long in soybean oil to a record 150,682 contracts.
Export sales data revealed commitments of 37.905 million metric tons, an 18% decrease from last year, with shipments at 30.52 million metric tons, lagging behind the USDA’s expected pace.
