Soybeans Hold onto Weekly Gains Despite Weaker Friday Action
Soybean futures closed out Friday with contracts down 4 to 7 ¼ cents, as July was still up 10 ¼ cents this week. November saw a 15 cent pop since last Friday. The cmdtyView Cash Bean price was down 7 1/4 cents to $10.11. Soymeal futures were $2.20-2.40/ton lower on the day, but held onto a $4.30 gain this week. Soy Oil futures were up 11 to 14 points, to push the weekly rebound to 42 points. The market will be closed on Monday for Memorial Day, as well as the government reports delayed, with a normal 7:00 pm CDT open on Monday.
The weekly Commitment of Traders report showed spec funds peeling back their net long position in soybean futures and options by 25,753 contracts to 12,654 contracts as of May 20. In soybean meal, managed money was net short a record 107,466 contracts as of Tuesday.
USDA’s Export Sales data shows 48.31 MMT in soybean commitments, which is 13% above the same period last year. That is 96% of USDA’s export projection, lagging behind the 99% average pace. Accumulated exports are no 44.15 MMT, which is 88% of the USDA number and matches the average shipping pace.
President Trump announced this morning a 50% tariff on EU products starting June 1. Unshipped sales for soybeans are at 0, with commitments at 5.03 MMT. Last year’s commitments to the EU were 5.02 MMT in total, which was 11.3% of the full export total.
Jul 25 Soybeans closed at $10.60 1/4, down 7 1/4 cents,
Nearby Cash was $10.11, down 7 1/4 cents,
Aug 25 Soybeans closed at $10.56, down 6 1/2 cents,
Nov 25 Soybeans closed at $10.50 1/2, down 4 3/4 cents,
New Crop Cash was $9.87 1/2, down 5 cents,
On the date of publication, Austin Schroeder 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.