Soybean prices are experiencing modest gains, with the national average cash bean price rising by 3.5 cents to $10.63 on Monday. In contrast, soymeal futures have decreased by 10 to 30 cents, while soy oil futures are down by 28 to 49 points. Crude oil prices have fallen by $4.27 following a peace deal between the US and Iran over the weekend.
The latest NOPA report indicates that 208.785 million bushels of soybeans were crushed in May, falling short of trade estimates but up 8.27% from the previous year. Soybean oil stocks are reported at 1.735 billion pounds, which is a 10.9% decrease from last month. Additionally, Monday’s Export Inspections report showed soybean shipments of 522,687 metric tons for the week ending June 11, marking a 26.8% increase from the previous week and more than double the same week last year, with Egypt being the largest importer.
CFTC data revealed that speculative funds recorded their largest bear move in history, liquidating 65,294 contracts, while maintaining a net long position of 90,756 contracts as of Tuesday. In the soybean meal market, managed money reduced their net long position by 74,468 contracts to 52,602 contracts by June 9.
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