On Monday morning, soybeans are trading with gains of 1 to 3 cents. Futures closed on Friday with prices steady to 4 cents higher, although May contracts settled the week with a loss of 3.5 cents. The cmdtyView national average cash bean price rose by 4.75 cents to $11.02. Soymeal futures increased by 40 cents, reaching $3.70, while soybean oil futures gained 19 to 93 points, with May contracts up 375 points since last Friday.
According to the weekly Commitment of Traders report as of April 21, managed money increased their net long position by 17,733 contracts, bringing the total to 192,884 contracts in bean futures and options. Additionally, the soybean oil net long reached a record high of 165,444 contracts. The USDA’s Export Sales report from last Thursday revealed total soybean commitments at 38.52 million metric tons, marking an 18% decline from the same week last year, which accounted for 92% of the USDA export target and was 4 percentage points below the five-year average.
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