Soybeans Pull Back into the Weekend

Soybeans posted 4 to 10 cent losses on Friday, led by the nearbys, as March still managed a 21 ¾ cent gain this week. CmdtyView’s national front month Cash Bean price was down 9 3/4 cents at $9.95. Soymeal futures were down $10.40/ton on the day to hold the weekly gains to $7.70/ton in March. Soy Oil futures were up 18 points to ease the losses of 47 points on the week.

Commitment of Trader data showed specs adding 5,497 contracts to their new net long in soybean futures and options to 40,330 as of Tuesday. 

Weekly Export Sales data was a day late and showed soybeans at 1.492 MMT, near the top of the 0.6 to 1.8 MMT in 2024/25 bean sales for the week of 1/16. That was more than double the previous week’s sales and a 7-week high. China was the buyer of 888,600 MT, with 120,700 MT sold to Japan and 119,900 MT sold to Mexico. 

Meal sales totaled 210,240 MT in the middle of the estimated 100,000-450,000 MT and was a 4-week high. Soybean oil sales were 2,890 MT in that week, below the expected 10,000-60,000 MT. 

Argentina is cutting their soybean export tax from 33% to 26% starting on January 26, with meal and bean oil down from 31% to 24.5%.

Mar 25 Soybeans  closed at $10.55 3/4, down 9 3/4 cents,

Nearby Cash  was $9.95, down 9 3/4 cents,

May 25 Soybeans  closed at $10.68 1/4, down 9 1/2 cents,

Nov 25 Soybeans  closed at $10.48 3/4, down 4 1/2 cents,

New Crop Cash  was $9.84 1/4, down 4 1/2 cents,

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