Soybeans are starting Friday trade with steady to 2 cent lower trade. Contracts rounded out the Thursday session with losses of 6 to 7 cents as weakness continues. Open interest was down 8,672 contracts on Thursday, mainly in the January contract (-14,720). The cmdtyView national average Cash Bean price was 5 3/4 cents lower at $9.81 1/4. Soymeal futures were 20 cent so $1.00 higher, with Soy Oil futures down 41 to 47 points.
Weekly Export Sales data from Thursday showed 1.106 MMT in soybean sales for the week ending on 11/27. That was a drop of 52.3% from the week prior and is less than half of the same week last year. Accumulated sale commitments, both shipped and unshipped are now 21.829 MMT (802 mbu), which is 39.3% below the same period last year. Much of that lag is to China, as commitments are down 14.14 MMT, with 13.4 MMT being China.
Meal sales totaled 436,046 MT, nearing the top end of 200,000-450,000 MT estimates. Bean oil sales were tallied at 25,516 MT, exceeding the 5,000-25,000 MT in trade expectations.
Sinograin, a China state stockpiler, sold 179,702 MT in their auction on Friday, nearly a third of the offered amount.
Jan 26 Soybeans closed at $10.52 1/4, down 6 cents, currently down 3/4 cent
Nearby Cash was $9.81 1/4, down 5 3/4 cents,
Mar 26 Soybeans closed at $10.62, down 6 3/4 cents, currently down 1/2 cent
May 26 Soybeans closed at $10.73 1/4, down 6 3/4 cents, currently down 1/2 cent
