Soybeans are starting off the holiday week with contracts down 2 to 4 cents through midday on the Monday session. CmdtyView’s national front month Cash Bean price is down 3 cents at $9.23 ¼. Soymeal futures are back down $2.90/ton. Soy Oil futures are up 44 points so far on the session.
USDA reported a private export sale of 132,000 MT of soybeans to China this morning for 2024/25 shipment.
This morning’s Export Inspections report showed a total of 1.747 MMT (64.2 mbu) of soybeans shipped in the week that ended on Thursday December 19. That was up 56.1% from the same week last year and up just 3% from last week. China continues to be the largest destination, this week of 682,683 MT, with 196,641 MT headed to Mexico. On the marketing year, shipments to all destinations are 26.998 MMT (992 mbu), which is a 21.1% increase from last year.
The weekly release of the CFTC Commitment of Traders report showed spec funds adding 17,932 contracts to their net long in soybean futures and options as of 12/17. That took their net position to 76,252 contracts. Specs in soybean meal were at a record net short as of Tuesday at 88,971 contracts.
Jan 25 Soybeans are at $9.71 1/2, down 3 cents,
Nearby Cash is at $9.20 1/4, down 3 cents,
Mar 25 Soybeans are at $9.77 1/4, down 2 cents,
Jul 25 Soybeans are at $9.95 1/2, down 2 1/2 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- Navigating Uncertainty: What I'm Watching In The Grain Markets To Wrap Up 2024
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