Soybeans experienced mixed trading on Friday, with front-month futures down 1 to 2 cents while deferred contracts rose 1.5 cents. Overall, futures closed the session with gains of 5 to 10.5 cents, as soymeal rose by $7.50 to $14.20. The cmdtyView national average Cash Bean price increased by 11 cents to $11.08. A private export sale of 100,000 metric tons of soybean meal was reported to Italy.
In crude oil markets, prices increased by $7.71 following a breakdown in U.S.-Iran negotiations. The U.S. is set to implement a blockade of the Strait of Hormuz starting Monday to restrict oil flow from Iran. According to CFTC data, spec traders reduced their net long soybean futures position by 23,777 contracts as of April 7, while managed money increased their record net long in bean oil by 14,873 contracts. Brazil’s soybean harvest is estimated at 87% complete as of Thursday.
