Soybean bulls were gaining ground ahead of the weekend meeting with the US and China, as contracts were up 5 to 8 cents. July slipped back 6 ¼ cents on the week, with November unchanged. The cmdtyView Cash Bean price was up 6 3/4 cents to $10.00 1/4. Soymeal futures mixed, up 60 cents in some deferreds to 60 cents lower in the nearbys, as July was down $2.80 this week. Soy Oil futures were up 12 to 29 points at the close, with July slipped 86 points on the week.
A total of 120,000 MT of soybeans were sold in a private export deal reported by the USDA to Pakistan for 2025/26.
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CFTC data showed managed money cutting 16,332 contracts from their net long position in soybean futures and options to just 21,870 contracts by Tuesday. In soybean meal futures and options, they were a record net short at 103,457 contracts.
USDA Export Sales data now has total soybean shipped and unshipped sales at 47.72 MMT, which is 13% larger yr/yr. That is 96% of USDA’s current forecast, vs. the 97% average sales pace.
USDA’s May WASDE will be released on Monday, with Brazil production seen up 0.17 MMT to 169.17 MMT. Argentina output is expected to be tallied at 49.25 MMT, vs the 49 MMT in April. For the world carryout numbers, traders are looking for 2024/25 soybeans to be steady at 122.5 MMT, with new crop at 126.02 MMT.
Chinese soybean imports during April were tallied a 10-year low of 6.08 MMT, but up from the 3.5 MMT in March.
May 25 Soybeans closed at $10.44, up 7 1/4 cents,
Nearby Cash was $10.00 1/4, up 6 3/4 cents,
Jul 25 Soybeans closed at $10.51 3/4, up 6 3/4 cents,
Nov 25 Soybeans closed at $10.30 1/2, up 5 1/2 cents,
New Crop Cash was $9.67 1/4, up 5 1/2 cents,
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