Soybean futures closed Friday with modest declines following July contract expiry, mixed options activity, and export market fluctuations. Cash beans averaged $10.76¼ per bushel—a 2½-cent drop—while September futures improved by ¼ cent. July contracts expired Monday, precipitating a 3½-cent weekly gain. November futures surged 13½ cents, supported by technical strength since last week. Soymeal futures slipped 40 cents to $1.80, poised to conclude a $5.70 weekly rise, while soy oil front-month contracts advanced 2–49 points, contrasting with deferred contracts retracting 10–48 points amid the July contract’s 161-point rally.
The USDA’s latest Commitment of Traders data revealed speculators reduced net longs by 16,139 contracts to 36,679, primarily via long exits (-15,872 contracts). Analysts surveyed by Bloomberg anticipate Tuesday’s USDA report will show 85.2 million soybean acres planted this spring, a 1.4% increase year-over-year.
Old-crop soybean export commitments hit 41.039 million metric tons (MMT) by June 18—a full 100% of USDA projections—though actual shipments represented 89% of forecasts (36.765 MMT). New-crop business soared 65.89% above prior year levels at 2.238 MMT.
Spot prices remain subdued: July beans settled at $11.26¼ (-$0.125), nearby cash at $10.78 (-$0.75), and August contracts at $11.36½ (-$0.50). November futures held at $11.56¼ (-$0.75), while new-crop cash stood at $10.91½ (-$0.50).
As of publication, Austin Schroeder held no positions in securities referenced. This material is for informational purposes only. Review the Barchart Disclosure Policy for full details.
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