Soybeans are trading with gains of 5 to 6 ½ cents across most front months on Monday morning. Futures extended the weakness on Friday, as most front months were down 2 to 3 cents. January closed out the week down 27 ½ cents from the previous Friday. Open interest was down 7,435 contracts on Friday. The cmdtyView national average Cash Bean price was 2 3/4 cents lower at $9.78 1/2. Soymeal futures were down 80 cents to $1.50, with January $4.90 lower last week. Soy Oil futures were down 2 to 21 points, as January was down 217 points wk/wk.
Export Sales data will be out this morning for the week of December 4, with analysts expecting 0.8-2 MMT of soybean sales. Meal sales are estimated in a range of 200,000-500,000 MT, with bean oil in a 5,000-25,000 MT range.
Commitment of Traders data showed managed money slashing 35,088 contracts from their net long in soybean futures and options as of the week ending on December 9. As of that Tuesday, they were net long 180,338 contracts.
AgRural estimates the Brazilian soybean crop at 180.4 MMT, up 1.9 MMT from their previous estimate. China’s soybean imports in November totaled 5.85 MMT from Brazil and 1.78 MMT from Argentina, with the two counties accounting for 93.9% of the total for the month.
Jan 26 Soybeans closed at $10.49 1/4, down 3 cents, currently up 5 3/4 cents
Nearby Cash was $9.78 1/2, down 2 3/4 cents,
Mar 26 Soybeans closed at $10.59 1/2, down 2 1/2 cents, currently up 6 1/4 cents
May 26 Soybeans closed at $10.70 1/2, down 2 3/4 cents, currently up 6 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.
