Soybeans Close on the Lower Side on Unchanged
Soybeans ended the Friday session with slight 1 ¼ to 5 cent losses, as midday gains failed to hold. November managed to close 5 ¾ cents higher week/week. CmdtyView’s national front month Cash Bean price is down a penny at $9.50 1/4. Soymeal futures added pressure for the session, with losses of $2.40 to $3/ton. Soy Oil futures were up 30 to 43 points on the day, to close with a 263 point rally for the week for October.
CFTC data from the weekly Commitment of Traders report indicated managed money trimming 8,186 contracts from their net short as of Tuesday to 122,415 contracts. Commercials were slicing 7,967 contracts from their unusual net long position to 36,844 contracts, mainly on additional shorts.
The USDA reported a private export sale of 121,000 MT of soybeans to China this on Friday via the daily reporting system. USDA’s weekly Export Sales report showed a total of 15.993 MMT of US soybeans have been sold for export for 2024/25, whether shipped or unshipped, down 6% from last year. That is 32% of the USDA export forecast, lagging the 42% average selling pace.
Chinese August import of soybeans totaled 202,383 MT from the US, nearly double the same month in 2023. Imports from Brazil totaled 10.24 MMT, up 12% from a year ago.
Safras pegs the Brazilian soybean crop at 0.5% planted, vs. the 1.6% average pace, while also releasing an updated 2024/25 crop projection of 171.78 MMT.
Nov 24 Soybeans closed at $10.12, down 1 1/4 cents,
Nearby Cash was $9.50 1/4, down 1 cents,
Jan 25 Soybeans closed at $10.29 1/2, down 1 3/4 cents,
May 25 Soybeans closed at $10.57 3/4, down 1 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.