Soybean futures close week lower as export commitments lag and funds reduce longs
Soybean futures fell between 2 and 8 cents on Friday, with the July contract dropping 65 1/4 cents for the week. Weak export data and reduced speculative positioning added to downward pressure.
Soybean futures declined on Friday, closing the trading week lower as contracts fell between 2 and 8 cents. The July contract dropped 65 1/4 cents for the week, while the November contract fell 52 1/2 cents. The national average cash bean price decreased by 7 cents to $10.63 1/4.
Soymeal and soy oil futures also experienced losses, with soymeal futures falling 20 cents to $5.20 in front months. July soymeal fell $21.30 per ton for the week, while soy oil futures dropped 110 to 217 points, with July falling 360 points. Crude oil losses of $2.79 added modest pressure to the complex.
Data from the USDA indicated a private export sale of 190,000 metric tonnes of soymeal to the Philippines for the 2025/26 season. However, old crop sale commitments fell 18% year-on-year to 39.948 million metric tonnes. This figure represents 96% of the USDA estimate and lags behind the 99% average sale pace.
Shipments totalled 35.58 million metric tonnes, standing at 85% of the USDA number and behind the 90% average. Commitment of Traders data showed speculative funds held a net long position of 156,050 contracts of soybean futures and options, a reduction of 33,502 contracts for the week.
Weather forecasts from NOAA indicated 1-2 cent losses in parts of Iowa through Indiana and Missouri, with spottier totals in Minnesota, Wisconsin, Michigan, and Ohio. Closing prices on Friday saw July 2026 soybeans at $11.21 1/2, August 2026 at $11.26, and November 2026 at $11.37 1/2.
