Soybean futures rebounded on Monday, gaining between 24 and 27.5 cents after a decline the previous week, with July futures down 31 cents and November down 18.75 cents. Open interest decreased by 3,091 contracts, while the cmdtyView national average cash bean price fell by 19 cents to $11.09 1/4. Soymeal futures showed mixed results, with July managing a $14.60/ton gain, while soy oil futures fluctuated, closing 44 points lower since last Friday.
On Sunday, the White House announced that China is committed to purchasing at least $17 billion annually of U.S. agricultural products in 2026, 2027, and 2028, alongside previous soybean purchase commitments from October 2025. Additionally, the recent Commitment of Traders report indicated that spec funds reduced their net long position in soybean futures and options by 6,802 contracts, totaling 214,815 contracts as of Tuesday.
The monthly NOPA report revealed that 211.86 million bushels of soybeans were crushed in April, marking a record for the month, despite a 14.4 million bushel decline from March. Daily crush rates fell from 7.3 million bushels per day in March to 7.06 million in April, while soybean oil stocks decreased by 4.5% from the end of March to 1.947 billion lbs, maintaining a 27.49% year-over-year increase.
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