Soybeans Fade Lower into Friday’s Close

Group 1 - Soybean contracts experienced a decline of 5 to 11 ¼ cents, with May down 64 cents for the week, and the national average Cash Bean price decreased by 7 cents to $10.87 1/2 [1] - Soymeal futures fell between $2.80 to $4.50, although May was still up $5.30 for the week, while Soy Oil futures showed mixed results with front months steady to 10 points higher and deferreds weaker, as May dropped 193 points for the week [1] Group 2 - Commitment of Traders data indicated that spec funds reduced their soybean net long position by 20,110 contracts, bringing the total net long to 201,997 contracts, as some positions were liquidated [2] - In bean oil futures and options, managed money approached their previous record net long position, adding 13,518 contracts to reach a net long of 122,356 contracts [2] Group 3 - USDA Export Sales data reported soybean export commitments at 36.79 million metric tons (MMT) by March 12, marking a 19% decrease from the same period last year, which is 86% of USDA's estimate for 2025/26 and below the 94% average sales pace [3] - Soybean shipments totaled 28.055 MMT, representing 65% of the USDA number and trailing behind the 81% average pace [3] - Closing prices for May 26 Soybeans were $11.61 1/4 (down 7 1/4 cents), Nearby Cash at $10.87 1/2 (down 7 cents), July 26 Soybeans at $11.76 1/2 (down 6 3/4 cents), and November 26 Soybeans at $11.41 (down 5 1/4 cents) [3]