After a weaker Wednesday, Thursday morning trade shows gains of 1 to 2 cents. Soybeans rounded out the midweek session with contracts closing 7 to 8 cents in the red. Preliminary open interest was up 5,651 contracts on Wednesday. CmdtyView’s national front month Cash Bean price is back down 8 cents at $9.35 3/4. Soymeal futures were $1.50 to $2/ton higher. There were 150 deliveries against December meal futures overnight. Soy Oil futures were down 72 to 77 points on the session.
Rains continuing to show in the Brazilian forecast are making it hard for bulls to push the market higher, especially with uncertainty surrounding trade in the coming months as President-elect Trump takes office in just over a month.
Weekly Export Sales data will be released this morning, with estimates ahead of the report running between 1.1 to 2.5 MMT of 2024/25 soybean sales in the week of 11/28 according to a Reuters survey of analysts, with 0-75,000 MT for 2025/26. Meal sales are expected to be between 150,000 and 600,000 MT in total, with bean oil in a range of 10,000 to 70,000 MT.
Stats Canada data will be released on Thursday, with canola production estimated at 18.51 MMT, which would be down from the 19.19 MMT from last year.
Jan 25 Soybeans closed at $9.83 3/4, down 8 cents, currently up 1 cents
Nearby Cash was $9.35 3/4, down 8 cents,
Mar 25 Soybeans closed at $9.89 3/4, down 7 1/2 cents, currently up 1 1/2 cents
Jul 25 Soybeans closed at $10.13 3/4, down 7 cents, currently up 1 1/4 cents
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. More news from Barchart- European Commodities: A Bearish Sign for Coffee Prices
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