Soybean futures saw minor fluctuations on Friday, with prices rising by 2 to 4 cents in the front months. As of May 26, May soybeans closed at $11.77, down 2 cents, while cash prices averaged $11.24 1/4, reflecting a decrease of 2 1/4 cents. Open interest increased slightly by 165 contracts, with 100 deliveries issued for May beans overnight.
Export sales data released on Thursday indicated a marketing year low of 141,940 metric tons (MT) for old crop soybean sales during the week of April 30, a 62.32% decrease from the same week last year. Notably, China purchased 66,900 MT, with additional sales to Japan (48,600 MT) and Indonesia (43,500 MT). For new crop sales, only 5,500 MT were reported, all to Indonesia.
In Brazil, soybean exports are projected to reach 14.53 million metric tons (MMT) in May, an increase of 0.35 MMT from previous estimates. This follows April’s record shipments of 16.75 MMT, which marked a year-on-year growth of 9.66%.
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