Soybean prices are seeing gains of 5 to 7 cents at midday, with the cmdtyView national average cash bean price rising to $11.47 3/4, an increase of 6 1/4 cents. Soymeal futures are up $5.10 to $6.20, while soy oil futures have dropped by 20 to 75 points. There were 250 deliveries against May bean oil reported on Friday night.
Export inspections for soybeans totaled 655,294 metric tons (24.08 million bushels) for the week ending May 7, a 29.6% increase from the prior week and nearly double the amount shipped during the same week last year. China was the largest importer at 336,638 metric tons, with Egypt and Indonesia receiving 105,016 and 75,399 metric tons, respectively. Year-to-date shipments are at 33.98 million metric tons (1.248 billion bushels), down 22.7% compared to last year.
As of May 5, managed money increased their net long position in soybean futures by 36,335 contracts, totaling 221,617 contracts. The USDA’s upcoming WASDE report will provide updated estimates for US soybean stocks, expected at 349 million bushels, with new crop data projected at 366 million bushels for September 1, 2027.
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