Soybeans slipped from midday highs this week with contracts up 1 to 1 ½ ent in the first few months at close. March was up 16 3/4 cents for the week. The national average price for cmdtyView’s Cash Bean was 1 1/2 cents higher at $9.90 3/4. Soybean meal futures closed Friday down 40 cents in January and other contracts up a cent at $1.80, compared to March when they were up $7.70 this week. Soybean oil futures were 15 to 23 points higher on the day, while March was 39 points higher on the week.
According to the USDA, a private export sale of 198,000 tons of soybeans was sold to unknown destinations. Wire sources said China purchased another 10 shipments of U.S. beans on Friday for April-May delivery.
USDA export sales data now shows 28.576 MMT of US soybean export sales commitments at 1/1, up 29% from the same week in 2024/25. This also represents 64% of USDA export projections and lags behind the average sales pace of 82%. Shipments are down 45% from last year at 16,347 MMT, which is 37% of the USDA forecast and lags the 57% average.
Sinograin, a Chinese state-owned stockpile, has launched an auction of 1.1 MMT of imported soybeans (from 2022 to 2025) for January 13.
Quarterly grain stock data will be released Monday, with a total of 3.25 bbu of soybean stocks expected as of Dec. 1, according to a Reuters survey of analysts. The range of estimates is 2.95 to 3.445 bbu.
Trader Engagement data indicated that speculative traders reduced 26,845 contracts from their net long soybean position during the week ending January 6. This net long position was recorded at an 11-week low of 57,717 futures and options contracts.
On January 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,
On March 26, soybeans closed at $10.62 1/2, up 1 1/4 cents,
On May 26, soybeans closed at $10.74 1/2, up 1 1/4 cents,
As of the date of publication, Austin Schroeder had (directly or indirectly) no position in any of the securities mentioned in this article. All information and data contained in this article are for informational purposes only. This article was originally published on Barchart.com
