Soybean futures closed steady to 4 cents higher on Friday, with May settling at $11.63 ¾, a 3 ½ cent weekly loss, while November reached $11.55 ¾, up ¾ cent. The cmdtyView national average cash bean price rose by 4 ¾ cents to $11.02. Soymeal futures increased by 40 cents to $3.70, although May experienced a weekly decline of $7.50. Soy Oil futures were up 19 to 93 points, with May gaining 375 points since last Friday.
As of April 21, the CFTC’s Commitment of Traders report revealed managed money added 17,733 contracts to their net long position in bean futures, totaling 192,884 contracts. Additionally, soybean oil reached a record net long of 165,444 contracts. The USDA’s weekly Export Sales report indicated total soybean commitments at 38.52 million metric tons, marking an 18% decline compared to the same week last year, which is 92% of the USDA export estimate and 4 percentage points below the 5-year average.
