Soybeans are trading with steady to 2 cent higher trade so far on Monday AM trade after a busy morning of trade. Futures were under pressure on Friday, with contracts down 5 to 11 ¼ cents across the board. May was down 64 cents on the week. Friday’s open interest rose 2,525 contracts. The cmdtyView national average Cash Bean price was down 7 cents at $10.87 1/2. Pressure came from Soymeal futures, which were down $2.80 to $4.50, as May was still up $5.30 on the week. Soy Oil futures were mixed with front months steady to 10 points higher and deferreds weaker, as May fell 193 points on the week.
Early on Monday morning, President Trump put out a Truth Social post ordering the military to postpone strikes against Iranian power plants and energy infrastructure for 5 days after weekend talks were “good and productive.” Iran state media responded stating there was no direct or indirect contact with the President. Oil is down $6.51 this morning.
Commitment of Traders data showed spec funds trimming back their soybean net long position in the week ending on 3/17 by 20,110 contracts. That took their net long to 201,997 contracts as some longs were liquidating. In bean oil futures and options, managed money closed in on their previous record net long position, adding 13,518 contracts to a net long of 122,356 contracts.
USDA Export Sales data has soybean export commitments at 36.79 MMT by 3/12, a 19% drop from the same period last year. That is now 86% of USDA’s estimate for 2025/26 and behind the 94% average sales pace. Shipments are 28.055 MMT, and now 65% of that USDA number and behind the 81% average pace.
Brazil’s soybean harvest is estimated at 68% harvested as of Thursday, which still lags the 80% paced from last year according to AgRural.
May 26 Soybeans closed at $11.61 1/4, down 7 1/4 cents, currently unch
Nearby Cash was $10.87 1/2, down 7 cents,
Jul 26 Soybeans closed at $11.76 1/2, down 6 3/4 cents, currently up 1/2 cent
Nov 26 Soybeans closed at $11.41, down 5 1/4 cents, currently up 2 cents
New Crop Cash was $10.79 1/1, down 5 1/4 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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