Soybean futures experienced significant losses, with contracts down 7 to 15 1/4 cents on Friday. July contracts fell 31 cents for the week, closing at $11.76 1/2, while November contracts dropped 18 3/4 cents, ending at $11.70 3/4. The average cash price for soybeans decreased by 19 cents to $11.09 1/4. Speculative funds reduced their net long position in soybean futures and options by 6,802 contracts, totaling 214,815 as of Tuesday.
President Trump announced that China would purchase billions of dollars in soybeans, although details from a recent meeting with China’s President Xi remain scarce. Additionally, the USDA reported a private export sale of 155,000 metric tons of soybean meal to Italy. The monthly NOPA crush report indicated that 211.86 million bushels of soybeans were processed in April, marking a record for the month despite a drop of 14.4 million bushels (6.33%) from March.
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