Soybeans closed with Friday gains of ½ to 4 ¾ cents across the board, with Marh slipping 8 ½ cents on the week. The cmdtyView national average Cash Bean price was up 4 cents at $11.02. Soymeal futures were down 90 cents to $3 higher on the day, closing the week unchanged. Soy Oil futures were down 20 to 117 points led by the front months, though May was up 107 points on the week. The latter is pressured as crude oil fell $9.12 on the day following Iran agreeing to open the Strait of Hormuz this morning.
CFTC Commitment of Traders data showed managed money cutting back 14,479 contracts from their net long position in soybean futures and options in the week of April 14, mainly via longs exiting. That took the net position to 175,151 contracts. Meal specs took their net long 42,203 contracts higher to 135,743, while bean oil money manager trimmed their record net long by 2,362 contracts to 148,320 contracts.
