The soybean market is showing 4 to 6 cent losses in the front months on Thursday. CmdtyView’s national front month Cash Bean price is down 5 1/2 cents at $9.41 3/4. Soymeal futures are down $2.70/ton on the day. There were another 278 deliveries issued against December soybean meal overnight, taking the total to 2,395. Soy Oil futures are back up 40 points on the session. There were 401 deliveries issued against December bean oil, all by the ADM house account and stopped by a JP Morgan customer.
The USDA reported a private export sale of 334,000 MT of soybeans to unknown destinations for 2024/25 shipment this morning.
Export Sales data showed soybean sales tallied at 1.17 MMT in the week that ended on 12/5, below the 1.5 and 2.2 MMT range expected for 2024/25 bookings. That was down nearly half from last week but up 17.5% from last week. China was the largest buyer of 705,000 MT, with 245,800 MT sold to Spain.
Meal bookings were reported at 176,324 MT, sneaking into the 175,000 to 450,000 MT expected range in that week. That was the second lowest total this marketing year. Bean oil sales totaled 63,846 MT, which was in the middle of the 5,000 to 100,000 MT expectations and the second highest this MY.
After USDA left the Brazilian number at 169 MMT on Tuesday, CONAB released their monthly update this morning, showed a slight 0.07 MMT increase to soybean production at 166.21 MMT. Abiove also released updated estimates, taking their estimated 1 MMT higher to 168.7 MMT.
Jan 25 Soybeans are at $9.90, down 5 1/2 cents,
Nearby Cash is at $9.41 3/4, down 5 1/2 cents,
Mar 25 Soybeans are at $9.97 1/4, down 5 1/2 cents,
Jul 25 Soybeans are at $10.19, down 4 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- Are Soybeans As Bearish As Advertised?
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