Soybean Futures /ZS Loses Ground This Week

Soybean Futures (/ZS) closed lower on the week and further eroded some of the gains from the previous week. It will need regain last week’s highs to recover a near term uptrend.

USDA reported a sale of 104,000 MT of soybeans to China for the 2023/24 shipment.

CFTC data showed spec funds increased their soybean net short by 45,524 contracts to 59,741 contracts.

NOPA revised April crush to 169.436 million bushels from 166.034 million and oil stocks to 1.832 billion lbs from 1.755 billion.

China reported May soybean imports at 10.22 MMT, down 15% from May 2023. Year-to-date imports are 37.37 MMT, down 5.4%.

Chad is a trader and contributor to the Stocks & Futures Trading Magazine. You can check out detailed coverage of the Indices, Metals, Energy, Grains & Financial Futures markets here.