Soybean futures closed 5 to 8 cents higher on Friday, recovering losses from the week; July futures were down 40 ¼ cents while November futures fell 36 cents. The cmdtyView national average cash bean price increased by 4 ¾ cents, reaching $9.84 ½. Notably, managed money reduced their net long in soybean futures and options by 35,717 contracts, dropping the total to 23,448 contracts as of June 24. In soybean meal, spec traders held a record net long of 110,080 contracts.
The USDA reported a private export sale of 119,746 MT of soybeans to Mexico for the 2025/26 season. Anticipated soybean stocks on June 1 are projected at 974 million bushels, with estimates ranging from 936 to 1,022 million. Current export commitments of soybeans total 49.474 million metric tons, representing 98% of the USDA’s forecast, which is a decrease from the five-year average of 102%.
StatsCanada estimates the Canadian canola acreage at 21.457 million acres, a decline of 2.5% from last year, while soybean acreage is expected to rise by 0.5% to 5.737 million acres.
