Soybeans Heads into the Weekend with a Rally

Price Movements - Soybeans rallied between 16 ¾ to 21 ½ cents in old crop contracts, with May beans up 30 cents this week and November beans up 18 ½ cents [1] - The cmdtyView national average Cash Bean price increased by 21 1/4 cents to $11.27 3/4 [1] - Soymeal futures gained $2.20 to $7.90, while May soymeal was down $3.30 this week [1] - Soy Oil futures rose by 41 to 89 points, with May up 473 points (7.65%) on the week [1] Export Commitments - Weekly Export Sales report shows soybean export commitments at 36.034 MMT, which is 84% of the USDA export estimate, lagging behind the 92% average sales pace [2] - Shipments are at 26.154 MMT, representing 61% of USDA's number, also trailing the 78% average shipping pace [2] Managed Money Positions - CFTC data indicates managed money added 14,700 contracts to their net long position in soybean futures and options, bringing the total to 198,902 contracts [3] - Managed money was net long 62,087 contracts in soy meal, a 30,392 contract increase on the week [3] - Speculators added 12,197 contracts to their net long position in soy oil, totaling 75,509 contracts, the largest since November 2022 [3] Closing Prices - On March 26, soybeans closed at $11.85, up 21 1/4 cents, with nearby cash at $11.27 3/4, also up 21 1/4 cents [4] - May 26 soybeans closed at $12.00 3/4, up 21 1/2 cents, and July 26 soybeans closed at $12.13, up 20 1/2 cents [4]