Soybeans Post Gains to Head into the Weekend
Soybeans posted 6 to 9 cents gains across most nearby contracts on Friday, with July closing out the week with a 1 ¼ cent loss. CmdtyView’s national front month Cash Bean price was up 9 cents at $10.06 3/4. Soymeal futures posted a $2.50 to $3.70 on Friday, as July slipped $1.60 this week.. Soy Oil futures faded lower into the weekend, with losses of 25 to 28 points, as July was down 38 points this week..
Reports from China suggest they are mulling over accepting US offers to negotiate a trade deal between the two countries.
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Speculators in soybean futures and options were adding a total of just 7,135 contracts to their net long in the week ending on of April 29. That took their net position to 38,202 contracts as of Tuesday.
USDA has old crop soybean export commitments at 47.414 MMT, which is now 95% of the current USDA projection. That is behind the 5-year average pace of 96% but ahead of the 94% sales pace from last year.
Brazil’s soybean production estimate from StoneX was hiked by 0.9 MMT this month to 168.4 MMT, citing robust yields in Mato Grosso.
May 25 Soybeans closed at $10.48 3/4, up 8 1/2 cents,
Nearby Cash was $10.06 3/4, up 9 cents,
Jul 25 Soybeans closed at $10.58, up 7 3/4 cents,
Nov 25 Soybeans closed at $10.30 1/2, up 6 1/2 cents,
New Crop Cash was $9.69 3/4, up 6 3/4 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.
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