Soybeans experienced modest gains on Monday, trading up 4 to 6 cents at $11.64 1/2 for May 26 futures and $10.91 1/4 for nearby cash prices. The cmdtyView national average Cash Bean price also rose by 5 ¼ cents.
For the week ending March 26, export inspections reported 586,427 metric tons (MT) of soybeans shipped, a decrease of 28.3% from the previous week and 47.4% from the same week last year. China was the largest recipient, importing 270,424 MT, followed by Indonesia and Egypt. Cumulative marketing year shipments now total 29.182 million MT, reflecting a 27% year-over-year decline.
Additionally, the CFTC data indicates a reduction of 4,093 contracts in net long positions for soybean futures as of March 24, bringing the total to 197,904 contracts. The USDA is expected to release March intentions data tomorrow, with projections estimating 85.55 million acres of soybeans to be planted this spring, a rise of 4.33 million acres from the previous year.
