Soybean futures concluded the trading week on a firm note, with Friday’s session seeing gains ranging from 5 ¾ to 12 ¾ cents. This upward momentum translated into significant weekly increases for key contracts, with the May contract finishing the week 24 cents higher and the November contract posting a 27-cent gain.
The cmdtyView national average cash bean price reflected this strength, rising by 13 ½ cents to settle at $11.37 ¾. This broader market strength indicates a positive sentiment surrounding soybean prices as the week drew to a close.
Soymeal and Soy Oil Movements
Soymeal futures presented a mixed picture, trading steady to $2.10 higher on Friday. However, the May soymeal contract was an exception, experiencing a decline of $1.50 for the day and a more substantial $3.50 drop over the entire week. This divergence suggests specific market dynamics influencing the near-term soymeal outlook.
In contrast, soy oil futures demonstrated robust gains, closing Friday’s session between 29 and 93 points higher. The May soy oil contract was particularly strong, ending the week with a significant 474-point increase, signaling robust demand or supportive market factors for soybean oil.
Commitment of Traders Data and USDA Reports
Recent Commitment of Traders (COT) data, as of April 28, revealed a slight reduction in speculative net long positions in soybean futures and options. Speculators trimmed their net long position by 7,602 contracts, bringing the total to 185,282 contracts. Conversely, bean oil extended its record net long position, adding 281 contracts to reach 165,725 contracts, indicating continued bullish sentiment among these market participants in the soy oil sector.
The U.S. Department of Agriculture’s (USDA) monthly Fats & Oils report, released Friday afternoon, provided insights into March soybean crush activity. The report indicated a crush volume of 227.36 million bushels, which fell short of the 231.1 million bushel estimate. Despite this, the March crush was still 6.15% higher than February’s figures and showed a notable 9.98% increase compared to March 2025. The marketing year crush now stands at 1.651 billion bushels, an 8.5% rise from the same period last year. Soybean oil stocks were reported at 2.456 billion pounds.
The USDA’s weekly Export Sales report, issued on Thursday, highlighted total soybean commitments at 38.776 million metric tons (MMT). This figure represents an 18% decline from the same week in the previous year. The current commitments stand at 93% of the USDA’s export target, lagging the 5-year average by 4 percentage points, suggesting a slower pace of export sales compared to historical trends.
Key Contract Closings and Cash Prices
Specific contract closings on Friday included:
- May 26 Soybeans closed at $11.87 ¾, up 5 ¾ cents.
- Nearby Cash soybeans were priced at $11.37 ¾, an increase of 13 ½ cents.
- Jul 26 Soybeans closed at $12.03 ¼, up 7 ¾ cents.
- Nov 26 Soybeans closed at $11.82 ¾, up 9 ¾ cents.
- New Crop Cash soybeans were valued at $11.23 ¾, up 11 ¾ cents.
The overall strength observed in soybean futures and cash prices at the end of the week, coupled with mixed but generally supportive data from USDA reports, suggests a market that is finding its footing. While export sales show a year-over-year decline, the robust crush figures and continued strength in soy oil are likely contributing factors to the positive sentiment. Market participants will be closely watching upcoming reports for further indications of demand and supply dynamics influencing soybean prices in the coming weeks.
