Soybean Meal Pit May '24 (SMK24)

Soybeans rallied 16 ¾ to 21 ½ cents in the old crop contracts on Friday, as other contracts were 5 to 12 ½ cents higher. May beans were up 30 cents this week, as November rallied 18 ½ cents. The cmdtyView national average Cash Bean price was up 21 1/4 cents at $11.27 3/4.  Soymeal futures found some gains on Friday, up $2.20 to as much at $7.90, as May was down $3.30 this week. Soy Oil futures were 41 to 89 points higher in the front months, as May was up 473 points (7.65%) on the week. Crude oil was the driver, up $10.22 on the day as the risk premium continues to flow into the energy driver. 

The weekly Export Sales report now has export commitments for soybeans at 36.034 MMT, which is 84% of the USDA export estimate and behind the 92% average sales pace. Shipments are 61% of USDA’s number at 26.154 MMT, lagging the 78% average shipping pace.

CFTC data via the Commitment of Traders report indicated managed money adding just 14,700 contracts to their net long in the wee... Read more