Soybean Futures Close Higher as Crush Data and Export Commitments Diverge
Market gains persist despite a notable drop in export commitments compared to last year, with cash prices climbing to a new weekly high.
Soybean futures rounded out the week on Friday with solid gains, closing the session with increases ranging from 5¾ to 12¾ cents. The May contract finished the week 24 cents higher, while the November contract rose 27 cents. These futures moves were supported by a rise in the national average cash bean price, which climbed 13½ cents to settle at $11.37¾.
Underlying market positioning saw a shift in sentiment as Commitment of Traders data revealed speculators reduced their net long position in soybean futures and options by 7,602 contracts as of April 28. This adjustment brought the total net long position down to 185,282 contracts. In contrast, activity in related derivatives remained robust, with net long positions in bean oil futures increasing by 281 contracts to reach 165,725.
Fundamental data from the USDA's monthly Fats & Oils report provided a mixed picture for domestic consumption. The March soybean crush was recorded at 227.36 million bushels, falling short of the 231.1 million bushel estimate. Despite this shortfall, the figure remains 6.15% above February levels and 9.98% higher than the same month in 2025. On an annualised basis, the marketing year crush stands at 1.651 billion bushels, representing an 8.5% increase compared to the same period last year.
Inventory levels for soybean oil were tallied at 2.456 billion pounds. Meanwhile, international demand metrics have shown a sharper contraction. The USDA's weekly Export Sales report indicates that total soybean commitments reached 38.776 million metric tonnes. This figure represents an 18% decline from the same week last year and sits four percentage points below the five-year average.
While the drop in export commitments places current figures at 93% of the previous USDA export number, the underlying strength in futures prices suggests continued support from the domestic crush and cash market dynamics. The divergence between falling export commitments and rising futures and cash prices highlights a complex landscape where local processing demand continues to outweigh the softer international outlook for the immediate term.
