Soybeans Holding Double Digit Gains Early on Monday

Soybean Market Overview - Soybean contracts are experiencing strength, with prices up 12 to 15 cents, and some contracts 18 to 20 cents off overnight highs [1] - Futures for old crop contracts rallied between 16 ¾ to 21 ½ cents on Friday, with May beans up 30 cents this week and November up 18 ½ cents [1] - Open interest increased by 16,951 contracts on Friday, indicating growing market activity [1] - The national average Cash Bean price rose by 21 ¼ cents to $11.27 ¾ [1] Soymeal and Soy Oil Futures - Soymeal futures gained $2.20 to $7.90, although May was down $3.30 this week [1] - Soy Oil futures increased by 41 to 89 points in the front months, with May up 473 points (7.65%) for the week [1] Export Commitments and Sales - 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 [3] - Shipments are at 26.154 MMT, representing 61% of USDA's number, also trailing the 78% average shipping pace [3] 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 [4] - Managed money's net long in soy meal increased by 30,392 contracts to 62,087, while soy oil net long reached 75,509 contracts, the highest since November 2022 [4] Brazilian Soybean Crop Progress - Brazil's soybean crop is reported to be 51% harvested as of Thursday, compared to 61% at the same time last year [5]