Soybeans are trading with 1 to 5 cent gains to kick off Monday trade. They ignored the export business reported on Friday morning, as contracts were down 5 3/4 to 8 ¼ cents to close out the day. Preliminary open interest suggested net new selling, up 5,369 contracts. January ended the week with a loss of 5 ½ cents. CmdtyView’s national front month Cash Bean price was down 7 1/2 cents at $9.39 3/4. Soymeal futures were down $2.40 to 3.60/ton on the day. There were 141 deliveries issued on Friday night, taking the total for the contract to 2,662 contracts. Soy Oil futures were 3 to 19 points lower on the session. There were another 18 deliveries issued against Dec bean oil on Friday evening, bringing the total to 800.
CFTC Commitment of Traders data showed a total of 13,897 contracts covered from the spec funds net short position in soybean futures and options as of 12/10, taking the position to -58,320 contracts. Commercials were at a net short of 27,087 contracts by Tuesday a 7,898 contract increase.
USDA reported a private export sale of 200,000 MT of soybeans to unknown destinations for 2024/25 on Friday morning. Export Sales data shows total shipments at 23.487 MMT, 22% larger than last year and a 4-year high. That is 47% of USDA’s 1.825 bbu full year estimate, ahead of the 43% average pace. Bean commitments are 37.284 MMT, now 12% above last year and 75% of the USDA projection, on pace with normal.
NOPA data will be updated on Monday, with the trade looking for 196.713 mbu of soybeans crushed during November. Stocks are estimated at 1.123 billion lbs.
Buenos Aires Grain Exchange data shows the Argentine soybean crop at 64.7% planted, running near normal pace. AgRural estimates the Brazilian soybean crop at 171.5 MMT.
Jan 25 Soybeans closed at $9.88 1/4, down 7 1/2 cents, currently up 3 1/4 cents
Nearby Cash was $9.39 3/4, down 7 1/2 cents,
Mar 25 Soybeans closed at $9.95, down 8 1/4 cents, currently up 1 3/4 cents
Jul 25 Soybeans closed at $10.16, down 7 3/4 cents, currently up 1 3/4 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- Merchandiser Insights: Understanding What Basis Moves Are Saying About Supply And Demand In Grains
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