Soybeans experienced gains on Friday, closing up between ½ to 4 ¾ cents, with May futures settling at $11.67 1/4. Over the week, March futures slipped by 8 ½ cents. The cmdtyView national average cash bean price rose by 4 cents to $11.02. In related markets, soymeal futures saw a slight decline of up to 90 cents, while soy oil futures decreased by up to 117 points.
According to CFTC data from April 14, managed money reduced their net long position in soybean futures and options by 14,479 contracts, resulting in a total of 175,151 contracts. Conversely, meal speculators increased their net long to 135,743 contracts, while bean oil managers trimmed their record net long to 148,320 contracts.
Weekly export data revealed soybean export commitments at 38.15 million metric tons (MMT), an 18% drop from the previous year, which is 91% of the USDA forecast. Current exports sit at 31.33 MMT, representing 75% of USDA estimates.
