Soybeans powered into the close as contracts were within a few cents of the daily high at the final bell. Futures were up anywhere from 7 to 16 cents at the close. The weekly gains totaled 37 ¾ cents for July and 26 ¼ cents for new crop November. Soymeal continued the rally on the week with Friday gains of $4.30 to $9.40/ton across the board, and July up $27.50 for the week. Soy Oil bulls weren’t as lucky, with contracts down 11 to 19 points on Friday and taking the weekly loss to 246 points for July.

There were 146 deliveries vs. May meal overnight, all stopped by a Stonex client. Bean oil deliveries shrank to only 79 contracts, with a handful stopped by ADMIS.  There were 196 contracts issued against May soybeans, with ADM stopping 179 for the house account. 

USDA issued a flash sale announcement of 122,000 MT of soybeans sold to unknown destinations this morning. 

Weekly Commitment of Traders data showed managed money spec traders in soybean futures and option adding just 222 contracts to their net short position in the week of 4/30. That took them to a net short 149,236 contracts as of Tuesday. Managed money in bean oil added another 17,354 contracts to the net short in that week to -66,882 contracts, the largest since May 2019.

May 24 Soybeans  closed at $12.01 3/4, up 11 3/4 cents,

Nearby Cash  was $11.56 1/1, up 16 1/4 cents,

Jul 24 Soybeans  closed at $12.15, up 16 cents,

Nov 24 Soybeans  closed at $12.01, up 13 1/4 cents,

New Crop Cash  was $11.45 3/4, up 21 1/8 cents,

On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

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