Soybean on CBOT Rises, Benchmark Contract Closes up by 2.50%

On Monday, the soybean futures market on the Chicago Board of Trade (CBOT) closed up by 2.50% on the benchmark contract, primarily due to the significant drop in bean prices last week and oversold technicals. The benchmark contract saw its largest single-day increase since September 12th. StoneX stated that the sharp decline in corn and soybean prices last week led to severe oversold technicals, so a rebound on Monday was not unexpected. The USDA’s weekly export inspection report showed that soybean export inspections for the week ending May 18th were at 155,051 metric tons, lower than the previous week’s 186,787 metric tons, and at the lower end of market expectations. Japan was the top destination. On Monday, estimated trading volume for soybean futures was 240,016 contracts, compared to 247,452 contracts on the previous trading day. Open interest was at 645,111 contracts, up from 641,813 contracts on the previous trading day.