Most ag markets saw strength into the weekend, though meal futures were down $1.70 to $3.60 for the settle. July soymeal was down a net $4.40 for the week. Soybean prices ended the session with double digit gains of as much as 23 cents. July was a net 15 1/4 cents higher for the week’s move, while November settled at a net weekly loss of 5 3/4 cents. Friday’s soy oil trade left futures 3.4% higher with triple digit gains. That flipped July BO net higher for the week. USDA cited the MN cash B100 price at $3.82 for the week, UNCH from last week.Â
CFTC data had the soybean spec traders at just a 529 contract net long at the settle of 5/30. That was a 3,618 contract weaker net long through the week as more longs were closed than were shorts. The last time spec traders were net short in soybeans was April of 2020 during Covid. Commercial soybean hedgers lightened their net short by 5k contracts to 74k as of 5/30. The weekly update had managed money at a 59,676 contract net long in soymeal. That was down 14k contracts wk/wk via long liquidation. The spec funds were 37,449 contracts net short in soy oil as of Tuesday’s settle.Â
USDA reported 123,396 MT of old crop beans were sold for export during the week that ended 5/25. That was a 7% increase from last week and was inline with estimates. Accumulated commitments were up to 1.873 bbu, or 93% of the forecast. New crop sales were 301k MT for the week which was near the top end of the expected range. Accumulated new crop commitments reached 2.853 MMT, as the USDA forecast is set at 53.75 MMT.Â
FAS data had soymeal bookings at 405k MT for 22/23 delivery and 62k MT for 23/24. That left commitments at 10.969 MMT and 517k MT respectively. For soy oil, the report showed 1,729 MT were booked for 22/23 and 3.2k MT for 23/34.Â
NASS reported 186.97 mbu of soybeans were processed during the month of April. That was down 5.5% from March on one less crush day, but was a new record for the month. Traders were looking for 184.8 mbu on average going in. Soybean oil stocks were 2.54b lbs, compared to 2.39b last month and 2.5b expected.Â
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Jul 23 Soybeans  closed at $13.52 1/2, up 23 cents,
Nearby Cash  was $13.23 5/8, up 20 5/8 cents,
Aug 23 Soybeans  closed at $12.62 1/2, up 18 1/2 cents,
Nov 23 Soybeans  closed at $11.83 3/4, up 14 3/4 cents,
On the date of publication, Alan Brugler 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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