Soybeans Reversing Morning Losses at Midday
Soybeans are shaking off the early session weakness at midday, with contracts mixed at midday and nearbys up fractionally. CmdtyView’s national front month Cash Bean price is back up 1 cent at $9.46 3/4. Soymeal futures are $2.80/ton lower. There were 50 deliveries issued against Dec soy meal overnight. Soy Oil futures are up 80 points at midday.
The weekly Export Sales report has the MY soybean shipments at 21.703 MMT, 19% above a year ago and 44% of USDA’s full year 1.825 bbu projection vs. the 40% average pace. Commitments are now 36.185 MMT, 12% above the same week last year. That is 73% of the USDA projection, now ahead of the 72% average pace after lagging early on.
October trade data was released by Census on Thursday, with 9.426 MMT (346.4 mbu) of soybeans shipped in the month, slightly above the same month last year and well above the September total. Soymeal exports continue to be record at 1.28 MMT in October.
Brazil soybean exports totaled 2.55 MMT during November, which was a seasonal drop from October and down 50.87% from last year. Safras & Mercado estimates the 2024/25 Brazilian soybean crop at 31.2% sold, compared to the 27% last year.
Jan 25 Soybeans are at $9.94 1/2, up 3/4 cent,
Nearby Cash is at $9.46 3/4, up 1 cent,
Mar 25 Soybeans are at $9.99 3/4, up 3/4 cent,
Jul 25 Soybeans are at $10.20 1/2, down 1 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.