Soybeans slipped off the midday highs this week with contracts up 1 to 1 ½ ents in the front months at the close. March was up 16 3/4 cents on the week. The cmdtyView national average Cash Bean price was 1 1/2 cents higher at $9.90 3/4. Soymeal futures closed Friday with January down 40 cents and other contracts up a dime to $1.80, as March was up $7.70 this week. Soy Oil futures were 15 to 23 points higher on the day, as March was 39 points higher on the week.
A private export sale of 198,000 MT of soybeans were sold to unknown destinations this morning according to the USDA. Wire sources indicated that China bought another 10 cargoes of US beans for April – May shipment on Friday.
USDA Export Sales data now shows 28.576 MMT in US soybean export sale commitments as of 1/1, with 29% from the same week in 2024/25. That is also 64% of USDA’s export projection and behind the 82% average sales pace. Shipments are down 45% from a year ago at 16.347 MMT, which is 37% of the USDA forecast and lagging the average of 57%.
Sinograin, a Chinese state stockpiler, has issued an auction of 1.1 MMT of imported soybeans (from 2022-2025) for January 13.
Quarterly Grain Stocks data will be out on Monday, with a total of 3.25 bbu of soybean stocks on December 1 expected according to a Reuters survey of analysts. The range of estimates is 2.95 to 3.445 bbu.
Commitment of Traders data indicated spec traders cutting back 26,845 contracts from their soybean net long in the week ending on January 6. That net long was tallied at an 11-week low of 57,717 contracts of futures and options.
Jan 26 Soybeans closed at $10.48 1/2, up 1 1/2 cents,
Nearby Cash was $9.90 3/4, up 1 1/2 cents,
Mar 26 Soybeans closed at $10.62 1/2, up 1 1/4 cents,
May 26 Soybeans closed at $10.74 1/2, up 1 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.
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