Soybeans Show Gains into the Weekend
Soybeans held onto gains into the Friday close, with contracts climbing another 3 to 6 cents. Jul was up 15 ½ cents on the week, as November gained back 10 ¼ cents. The cmdtyView Cash Bean price was up 5 1/2 cents to $10.12 1/2. Soymeal futures were down $1.20 to $1.30/ton, as Soy Oil was up 75 to 78 points in the nearbys.
US Treasury Secretary Bessent, USTR Greer, and Commerce Secretary Lonick will meet with Chinese Country parts on Monday in London for trade talks President Trump announced on Friday afternoon.
CFTC's Commitment of Traders report from Friday afternoon showed money managers in soybean futures and options cutting back 28,096 contracts from their net long position to just 8,601 contracts as of Tuesday. Commercials parred their net short position back by 32,487 contracts to 143,487 contracts.
Export Sales data indicated a total of 48.65 MMT of 2024/25 soybeans have been booked by exporters as of May 29. That is 97% of the USDA forecast total and behind the 99% average. Actual exports are 44.666 MMT, which matches the pace needed to get USDA’s number at 89%.
The Buenos Aires Grain Exchange estimates 88.7% of the Argentina harvest has been completed, with their production forecast at 50 MMT. Safras & Mercado estimates 64% if the 2024/25 Brazilian crop has been sold, down from the 71.8% a year ago. The 2025/26 crop is pegged at 10.8% sold, vs. 14.6% last year.
Jul 25 Soybeans closed at $10.57 1/4, up 5 1/2 cents,
Nearby Cash was $10.12 1/2, up 5 1/2 cents,
Aug 25 Soybeans closed at $10.50 3/4, up 4 1/4 cents,
Nov 25 Soybeans closed at $10.37, up 3 3/4 cents,
New Crop Cash was $9.78 1/4, up 3 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.
