Soybean futures increased by 3 to 6 cents on Friday, with July contracts closing at $10.57 1/4, marking a weekly gain of 15 ½ cents. Nearby cash prices rose to $10.12 1/2. Soymeal futures fell by $1.20 to $1.30 per ton, while Soy Oil gained 75 to 78 points.
On Monday, U.S. Treasury Secretary Bessent, USTR Greer, and Commerce Secretary Lonick will engage in trade talks with Chinese officials in London, as announced by President Trump on Friday.
According to the CFTC, money managers reduced their soybean futures and options net long position by 28,096 contracts, down to 8,601 as of Tuesday. Meanwhile, export sales data reveals that 48.65 million metric tons (MMT) of 2024/25 soybeans have been booked, meeting 97% of the USDA forecast as of May 29.
