Soybean Sep '24 (ZSU24)
Soybean Futures Market News and Commentary
Soybeans closed the Friday session with contracts 5 to 10 ½ cents higher, as meal took control. May was up 12 ¼ cents on the week, with November up 3 3/4 cents. The cmdtyView national average Cash Bean price was up 11 cents at $11.08. Soymeal futures rallied $7.50 to $14.20 on the day, with May up $16.60 this week. Soy Oil futures were down 24 to 61 points on the day, with May down 185 points this week. Crude oil was down $2.24 on the day, as risk was taken off the table ahead of the US/Iran talks this weekend.
USDA reported a private export sale of 100,000 MT of soybean meal to Italy this morning.
CFTC data was released on Friday, showing spec traders cutting 23,777 contracts from their net long position in soybean futures and options as of 4/7. That net long stood at 189,630 contracts. In bean oil, managed money extended their record net long 14,873 contracts to 150,682 contracts.
Export Sales data from Thursday has export commitments at 37.905 MMT, a 18% drop fr... Read more
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