Soybean futures gained between 3 and 5.5 cents on Monday morning following a long weekend, recovering from losses of up to 5.25 cents seen on Thursday. The cmdtyView national average cash bean price has decreased by 5.5 cents, currently at $10.94. Soymeal futures fell by $3.00 to $4.20, while Soy Oil futures rose by 100 to 183 points.
In the week of March 26, USDA Export Sales reported bean sales at 353,259 MT, down from the previous week but 35.51% higher than the same week last year, with China being the top buyer at 141,000 MT. Year-to-date commitments for soybeans stand at 37.61 MMT, a decrease of 18% from last year, and shipments reached 29.88 MMT, lagging the average shipping pace.
As of March 31, spec traders increased their net long position in soybean futures and options by 15,503 contracts, bringing the total to 213,407 contracts. In soybean oil, managed money reached a record net long of 135,809 contracts.
