Soybeans are slipping back at midday, with losses of 4 to 6 cents. The cmdtyView national average Cash Bean price was 4 1/2 cents lower at $10.49 1/2. Soymeal futures are up 20 cents to $1.30, with Soy Oil futures 75 points higher. There were 3 deliveries issued against December soybean meal overnight, with 128 for December bean oil.
Earlier this morning Treasury Secretary Bessent stated that China is in perfect cadence to complete the promised soybean purchases. Known purchases via USDA’s daily Export Sales reporting system are just over 2.25 MMT, of the reported 12 MMT commitments, which are now expected to be complete by the end of February (vs. the end of the calendar year as administration officials previously suggested).
USDA will continue their back logged update of Export Sales reports on Thursday, with traders looking for between 0.4-2 MMT in soybean bookings in the week of 10/30. We should get out first look at initial Chinese purchases (100,000 MT known in that week). Soybean meal sales are seen between 50,000 and 450,000 MT, with 5,000 to 25,000 MT for soybean oil.
Commitment of Traders data from Tuesday afternoon indicated spec traders adding 37,720 contracts to the long side in the week of October 21, mainly by cutting shorts. That took their new net long to 35,329 contracts.
Jan 26 Soybeans are at $11.20 1/2, down 4 1/4 cents,
Nearby Cash is at $10.49 1/2, down 4 1/4 cents,
Mar 26 Soybeans are at $11.30 1/2, down 4 1/2 cents,
May 26 Soybeans are at $11.39 1/2, down 5 1/4 cents,
