Friday’s soybean futures were mixed at the close. New crop prices ended the day fractionally mixed to 1 ¼ cents lower, though the nearby contracts were up by as much as a nickel at the close. May beans were 6 ½ cents lower for the week’s move. Soymeal prices were $0.40 to $1.30 lower on the day and down by a net $4.80 for the week. Bean oil fished out the last trade day of the week 70 points higher on Friday, leading the May contract to a net 30 point gain for the week.
CFTC data had soybean positions at a net 138.3k contract short and a 28.2k contract long for the funds and the commercials respectively. The managed money traders were mainly rolling longs to shorts, while the PMPUs were adding positions to both sides. OI in the commercial soybean position increased 32.8k contracts for a net 28.2k contract net long. The managed money traders were 138k contracts net short as of 4/2.
Brazil’s Ag Ministry indicated that March exports from that country totaled 12.63 MMT. That was down 4.6% vs. March 2023.
May 24 Soybeans closed at $11.85, up 5 cents,
Nearby Cash was $11.30 1/1, up 4 1/4 cents,
Jul 24 Soybeans closed at $11.96 3/4, up 4 1/2 cents,
Nov 24 Soybeans closed at $11.84 3/4, up 1 cent,
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