Soybeans Rallies Back to Close Near Unchanged
Soybeans got a pop off the early session losses, as contracts closed with fractional to 2 cent losses. CmdtyView’s national front month Cash Bean price was down 1/2 at $9.41 1/2. Soymeal futures fell back $2.70 to $3.30/ton on the day to add some pressure. Soy Oil futures were up 80 to 96 points on the session. There were no deliveries against Jan soybean overnight, with 129 issued against January meal and 16 for Jan bean oil.
November export data was released this morning, showing soybean shipments at 9.876 MMT (362.88 mbu), which is a 3-year high for the month. That took the first quarter total to 819 mbu and was the largest single month of exports since October 2022. Soybean meal exports were a record 1.55 MMT in November, with bean oil shipments the largest since April 2022 at 58,510 MT.
Precipitation is expected to make its way back to Southern Brazil in the 8-14 day period, with Argentina seeing more spotty showers.
Jan 25 Soybeans closed at $9.92 1/4, down 1/4 cent,
Nearby Cash was $9.41 1/2, down 1/2 cent,
Mar 25 Soybeans closed at $9.97 1/4, down 1/2 cent,
Jul 25 Soybeans closed at $10.19, down 1 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.