Strong Soybean Market Closes Higher Amid Export Activity

The soybean market showed notable strength on Friday, with contracts increasing by 13 to 21 cents by the close. The front-month May contract rallied 65 ¾ cents since last Friday, while new crop futures rose 41 ¼ cents this week. CmdtyView’s national front-month cash bean price climbed 13 ¾ cents to $9.90 ½. Soymeal futures increased by $1.70 to $2.50 per ton, and Soy Oil futures were up 79 to 112 points.

In related news, overnight developments revealed that China responded to heightened US tariffs, raising the total tariff on all US goods to 125%.

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This morning, a private export sale reported the sale of 121,000 metric tons (MT) of soybeans to unknown destinations. This sale included 55,000 MT for the old crop and 66,000 MT for the new crop.

Looking ahead, NOPA data is set to be released on Tuesday, with analysts anticipating that March’s crush will total 197.6 million bushels, slightly above March’s figures from 2024. Additionally, soybean oil stocks are expected to reach 1.617 billion pounds.

Meanwhile, the Commitment of Traders data indicated that speculators added a total of 20,600 contracts to their soybean futures and options position, bringing the total to 50,477 contracts as of Tuesday. On the other hand, commercials reduced their net short positions by 21,775 contracts, adjusting their total to 81,365 contracts.

The USDA’s Export Sales report showed total soybean export commitments at 46.343 million metric tons through April 3. This figure represents 93% of the USDA’s projection of 1.825 billion bushels and is slightly behind the 94% five-year average pace. Export shipments accounted for 84% of the USDA’s target, ahead of the 83% average shipping pace.

Closing Prices for Soybean Contracts

May 25 Soybeans closed at $10.42 ¾, up 13 ¾ cents.

Nearby Cash was $9.90 ½, up 13 ¾ cents.

Jul 25 Soybeans closed at $10.53, up 16 ¼ cents.

Nov 25 Soybeans closed at $10.25 ½, up 20 ¾ cents.

New Crop Cash was $9.64 0/1, up 20 ½ cents.

On the date of publication, Austin Schroeder did not hold (directly or indirectly) any positions in the securities mentioned in this article. All information and data in this article are for informational purposes only. For more information, please view the Barchart Disclosure Policy here.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.