Soybeans traded with small gains in the front months on April 21, with new crop contracts up by three cents. The cmdtyView national average cash price for soybeans increased slightly to $11.03 3/4. Soymeal futures fell by $4.60 to $4.90, while soy oil futures rose between 120 and 130 points.
Export inspection data showed that soybean shipments reached 748,678 metric tons during the week ending April 16, an increase of 1.3 percent from the previous week and a rise of nearly one-third compared to the same period last year. China was the leading destination with over half of these shipments, followed by Egypt and Japan. Despite this recent uptick, total marketing year shipments have reached only 32.17 million metric tons so far, which is down almost a quarter from last year.
The Commodity Futures Trading Commission’s Commitment of Traders report indicated that managed money reduced its net long position in soybean futures and options by more than fourteen thousand contracts for the week ending April 14, mainly due to long positions being closed out. Meanwhile, meal speculators increased their net long positions significantly, while bean oil managers trimmed their record net long holdings.
Brazil’s soybean harvest is now estimated at ninety-two percent complete according to AgRural figures released Thursday. Safras & Mercado raised its estimate for Brazil’s crop slightly to just over one hundred seventy-eight million metric tons.
Legacy Farmers Cooperative is a member-owned agricultural cooperative formed through a merger and operating in Findlay, Ohio; it provides services such as grain marketing, agronomy support and petroleum distribution across northwest Ohio counties according to the official website. The cooperative supports community initiatives including youth agricultural education programs like FFA and scholarships according to the official website. It maintains facilities including grain centers and fuel stations throughout northwest Ohio according to the official website, employs more than one hundred fifty people across divisions according to the official website, serves producers in ten counties according to the official website, operates as a member-owned cooperative according to the official website, and aims to exceed customer expectations while delivering value and financial returns for members according to the official website.
May soybeans settled at $11.67 3/4 per bushel—up half a cent—while nearby cash prices were also marginally higher.
