Soybeans rallied 16 ¾ to 21 ½ cents in the old crop contracts on Friday, as other contracts were 5 to 12 ½ cents higher. May beans were up 30 cents this week, as November rallied 18 ½ cents. The cmdtyView national average Cash Bean price was up 21 1/4 cents at $11.27 3/4.  Soymeal futures found some gains on Friday, up $2.20 to as much at $7.90, as May was down $3.30 this week. Soy Oil futures were 41 to 89 points higher in the front months, as May was up 473 points (7.65%) on the week. Crude oil was the driver, up $10.22 on the day as the risk premium continues to flow into the energy driver. 

The weekly Export Sales report now has export commitments for soybeans at 36.034 MMT, which is 84% of the USDA export estimate and behind the 92% average sales pace. Shipments are 61% of USDA’s number at 26.154 MMT, lagging the 78% average shipping pace.

CFTC data via the Commitment of Traders report indicated managed money adding just 14,700 contracts to their net long in the week ending on March 3. They took their net long in soybean futures and options to 198,902 contracts on Tuesday. Managed money was net long 62,087 contracts in soy meal, a 30,392 contract increase on the week, with specs adding 12,197 contracts other they soy oil net long at 75,509, the largest since November 2022.

Mar 26 Soybeans  closed at $11.85, up 21 1/4 cents,

Nearby Cash  was $11.27 3/4, up 21 1/4 cents,

May 26 Soybeans  closed at $12.00 3/4, up 21 1/2 cents,

Jul 26 Soybeans  closed at $12.13, up 20 1/2 cents,

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