Soybean markets experienced a significant rally on Friday, with old crop contracts gaining between 16 ¾ to 21 ½ cents, while newer contracts rose by 5 to 12 ½ cents. As a result, May soybeans soared by 30 cents over the week, and November beans climbed 18 ½ cents. The cmdtyView national average cash bean price rose by 21 ¼ cents, reaching $11.27 ¾.
Soymeal futures also posted gains, rising between $2.20 and $7.90. Despite this positive trend, May soymeal recorded a drop of $3.30 throughout the week. Conversely, soybean oil futures increased significantly, with front-month contracts gaining between 41 to 89 points. Notably, May saw an impressive gain of 473 points, equating to a 7.65% rise during the week, largely driven by a surge in crude oil prices, which rose by $10.22 as risk premiums continued to influence energy markets.
According to the latest weekly Export Sales report, total export commitments for soybeans reached 36.034 million metric tons (MMT), accounting for 84% of the USDA’s export estimate. However, this figure falls short of the 92% average sales pace. Soybean shipments, currently at 26.154 MMT, represent only 61% of the USDA’s target, lagging behind the average shipping pace of 78%.
CFTC data via the Commitment of Traders report revealed that managed money added just 14,700 contracts to their net long position in soybean futures and options as of March 3. Their net long position stood at 198,902 contracts by Tuesday. Additionally, managed money was net long in soymeal with 62,087 contracts, an increase of 30,392 contracts for the week. Speculators also added 12,197 contracts, bringing their net long in soy oil to 75,509 contracts, the highest figure since November 2022.
In the closing figures for March 26, Soybeans settled at $11.85, reflecting an increase of 21 ¼ cents. Nearby cash soybeans reached $11.27 ¾, up by 21 ¼ cents, while May 26 soybeans closed at $12.00 ¾, marking a rise of 21 ½ cents, and July 26 soybeans finished at $12.13, up 20 ½ cents.
