The soybean market is kicking off Monday trade with weakness of 3 to 5 cents in the nearbys. Soybean futures posted slight losses on Friday, pulling off the lows into the close to settle with 2 to 4 cent losses. May was 6 ¼ cents lower throughout the week, with new crop November lipping 10 ¼ cents. CmdtyView’s national front month Cash Bean price was back down 2 ¾ cents at $9.49 ½. 

Soymeal futures were higher to round out the week with Friday gains of $2.20 to $2.80/ton in the front months, as May was still down $5.60 on the week. Soy Oil futures were down 67 to 69 points in the nearbys, with the May contract up 42 points on the week.

The Friday afternoon Commitment of Traders report indicated the spec traders in soybean futures+options were adding another 6,461 contracts to their net short as of Tuesday. They held a net short of 22,005 contracts as of 3/18, mainly on long liquidation. Commercials added 4,628 contracts to their net short as of March 18 to 93,103 contracts.

AgRural estimates the 2024/25 soybean crop at 165.9 MMT, a drop of 2.3 MMT from their previous estimate. The crop is now pegged at 77% harvested, vs. 69% from the same time last year.

May 25 Soybeans  closed at $10.09 3/4, down 3 1/4 cents, currently down 4 1/2 cents

Nearby Cash  was $9.49 1/2, down 2 3/4 cents,

Jul 25 Soybeans  closed at $10.21 1/2, down 3 3/4 cents, currently down 4 1/2 cents

Nov 25 Soybeans  closed at $10.07 3/4, down 2 1/2 cents, currently down 3 3/4 cents

New Crop Cash  was $9.44 3/4, down 2 1/2 cents,