Soybeans are trading with slight weakness on Friday morning, as contracts are down 2 to 3 cents. The soybean market closed out the Thursday session with contracts up 12 ¼ to 17 ½ cents across the board. CmdtyView’s national front month Cash Bean price was 13 cents at $9.37. Soymeal futures led the rally on Argentine dryness, with contracts up $9.60 to $13.30/ton higher. Soy Oil futures posted losses of 25 to 49 points at the close.
Forecasts for the next week are calling for near normal rains in most of Brazil, with the Southern portion as well as Argentina seeing dryness creep in. The first week plus of January is seeing some extended dryness in those parts. Meal specs are covering shorts with the drier weather outlook.
The weekly Export Sales report will be released this morning due to the holiday. Analysts estimate a total of 1 to 1.8 MMT of 2024/25 soybeans were sold in the week of 12/19, with 70,000 to 125,000 MT for 2025/26. Soybean meal sales are seen at 200,000 to 450,000 MT, with 5,000 to 15,000 MT bean oil.
Stats Canada showed the November canola crush data at 1.019 MMT, up 12.2% from the year prior. December soybean exports out of Brazil are expected to total 1.62 MMT according to ANEC, even with last week’s estimate.
Jan 25 Soybeans closed at $9.88, up 12 3/4 cents, currently down 1 1/2 cents
Nearby Cash was $9.37 1/1, up 13 cents,
Mar 25 Soybeans closed at $9.97 1/4, up 16 cents, currently down 3 cents
Jul 25 Soybeans closed at $10.18 1/2, up 17 1/4 cents, currently down 2 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- Do Grains and Oilseed Futures Offer Value for 2025?
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