Soybean futures are experiencing losses of 5 to 10 cents in the final trading session of May, with prices struggling to breach the $12 mark. The national average cash bean price has increased slightly to $11.25 ¾, while soymeal futures are down $3.70 to $4.50, and soy oil futures are up by 100 to 104 points. The decline in crude oil prices, down $2.08/bbl, is contributing to the bearish sentiment as traders pull back ahead of the weekend.

Despite the losses, the USDA reported a private export sale of 192,000 MT of soybeans, indicating ongoing demand, particularly with 132,000 MT earmarked for the new crop. Recent export sales data showed old crop bean sales at 299,899 MT, exceeding last year’s figures, while new crop sales were also solid, landing in the expected range.

Traders should closely monitor upcoming soybean crush data set for release on Monday, as it could provide further insights into market dynamics and potential price movements.

Source: nasdaq.com