Commitment of Traders data released Friday showed that speculative funds trimmed their net long position in soybean futures and options by 6,802 contracts as of Tuesday, reducing it to 214,815 contracts.

Few details were announced following the meeting between President Trump and China’s President Xi, leaving the market uncertain late in the week. President Trump stated early Friday morning that China would purchase billions of dollars worth of soybeans.

USDA reported a private export sale of 155,000 MT of soybean meal to Italy this morning.

The monthly NOPA crush report showed that 211.86 million bushels of soybeans were crushed during April. This was down 14.4 million bushels (6.33%) from March but still marked a record for April and was 11.37% above last year. Daily crush declined from 7.3 million bushels/day in March to 7.06 million bushels/day in April. Soybean oil stocks fell 4.5% from the end of March to 1.947 billion pounds, though they remained 27.49% higher year-over-year.