Bean futures saw Friday action heading higher into the weekend, as contracts were up anywhere from 1 ¾ to 12 ¼ cents across the board. Soymeal futures were down $1-$2.40/ton. Soy Oil was in rally mode to end the week, with contracts up 104 to 180 points. 

Weekly data from the CFTC showed large money managers in soybean futures + options slashing their net short position by 107,783 contracts as of May 7th, to just 41,453 contracts. That was the largest one week (Tuesday/Tuesday) move for specs on record. Data from the commercial side implied increased producer selling, as they flipped to a net short position of 46,889 contracts, an 84,464 contract move.

The monthly WASDE update this morning saw WAOB leave US 23/24 ending stocks unchanged at 340 mbu. The new crop S&D saw a building of stocks yr/yr by 105 mbu to 445 mbu, in line with estimates. Production was as expected at 4.45 bbu, with the planted acreage at 86.5 million acres and trend yield of 52 bpa.

For the world numbers, the South American production wasn’t cut by as much as the trade thought, as Argentina was left unch at 50 MMT. Brazil was down just 1 to 154 MMT, vs. an average of analysts’ calling for a 2.5 MMT reduction. World ending stocks for 23/24 were down 2.4 MMT to 111.78 MMT. The 24/25 total was projected at a massive 128.5 MMT, a 16.7 MMT annual build as world production is expected to climb by 25.31 MMT yr/yr.

China’s internal data via their CASDE trimmed their 23/24 soybean import number by 1.15 MMT to 96.1 MMT. The new crop projection was down 1.5 MMT yr/yr at 94.6 MMT, citing a smaller hog herd. 

May 24 Soybeans  closed at $12.05, up 12 1/4 cents,

Nearby Cash  was $11.56, up 9 3/4 cents,

Jul 24 Soybeans  closed at $12.19, up 10 1/2 cents,

Nov 24 Soybeans  closed at $12.05 3/4, up 5 1/4 cents,

New Crop Cash  was $11.48 1/8, up 5 cents,