Soybean futures experienced a decline on Friday, with March contracts closing down 8 cents at $10.64 1/4. For the week, March soybeans fell by 3 ½ cents. The cmdtyView national average Cash Bean price also saw a drop, closing at $9.98 1/2—down 7 1/2 cents. Soymeal futures decreased by $2.40 to $3.00, with March down $6.30 for the week.
As of January 27, the CFTC Commitment of Traders report indicated that spec funds added 7,261 contracts, resulting in a net long position of 17,321 contracts. Additionally, the USDA reported soybean export commitments at 33.85 million metric tons as of January 22, which is 20% lower than last year and represents 79% of the USDA’s export estimate.
Upcoming USDA crush data, expected to be released on Monday, is anticipated to show 230.4 million bushels of soybeans crushed during December. In Argentina, the Buenos Aires Grains Exchange reported that 47% of the soybean crop is in good/excellent condition, a decrease of 6 percentage points from last year but an improvement over the 24% rating at the same time last year.
