Soybeans are collapsing on Friday, as contracts are down 20 to 25 cents at midday. CmdtyView’s national front month Cash Bean price is down 23 1/2 cents at $9.32 1/2. Soymeal futures are down $12.50/ton in the front month. Soy Oil futures are down 52 points on the session. There were 331 deliveries issued against January soybeans overnight, with 333 for soymeal and 237 for bean oil.
The weekly Export Sales report showed a MY low of 484,679 MT of 2024/25 beans booked in the week of 12/26, below traders estimates of 0.5-1.2 MMT. That was a MY low of sales during the holiday week. China was the buyer of 617,700 MT in that week, as 316,000 MT was switch from unknown (which had net reductions of 667,300 MT in total).
Meal sales were tallied at 203,814 MT in the range of 150,000 to 400,000 MT estimates. Bean oil bookings were on the high end of 5,000 to 40,000 MT estimates at 38,147 MT.
The monthly Fats & Oils report showed a total of 210 mbu of soybeans crushed in November, well above the 207.2 mbu estimates. That was down 2.66% from the October all-time record, but up 4.97% from November 2023 and a monthly record. Soy oil stocks were tallied at 1.612 billion lbs at the end of November, exceeding estimates.
Jan 25 Soybeans are at $9.79, down 20 1/2 cents,
Nearby Cash is at $9.32 1/2, down 23 1/2 cents,
Mar 25 Soybeans are at $9.88 1/2, down 23 1/2 cents,
Jul 25 Soybeans are at $10.12 1/2, down 25 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 BarchartThe views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
