Soybeans Bulls Taking a Long Holiday

Soybeans are taking a nose dive out of the Thanksgiving holiday, with the bulls apparently forgetting the markets are open today. Futures down 19 to 21 cents ahead of the early 12:05 PM CST close. Wednesday’s preliminary open interest rose 4,345 contracts. Front month Soymeal futures are mixed, with Dec up $1 and Jan down $1.80.  Soybean Oil futures are piling on the weakness, with contracts down 192 to 223 points.

USDA reported a couple private export sales via their flash sales reporting system this morning, with 129,000 MT sold to China and 323,400 MT sold to unknown destinations.

Friday morning’s Export Sales report from USDA showed soybean sales backing off to a 7-week low at 961,270 MT in the week that ended on November 16. That was on the low end of the trade’s expectations, which ranged from 0.8 to 1.8 MMT for the 23/24 crop. Sales for the 24/25 crop were within expectations of 0-20,000 MT at 9,000 MT for that week.

Soy meal sales were on the lower end of what the trade expected (100,000-550,000 MT) at 203,619 MT in the week ending last Thursday. Bean oil sales were shown at 282 MT for the current marketing year, with the next MY at a net sale of 372 MT.

Argentina’s Soy Dollar, the preferential exchange rate to entice soybean exports and generate tax revenue was extended to December 10. Safras & Mercado cut their Brazilian soybean production estimate by 1.87 MMT from their previous number to 161.38 MMT.

Jan 24 Soybeans  are at $13.36 1/4, down 20 1/4 cents,

Nearby Cash   is at $12.77 1/2, down 20 1/4 cents,

Mar 24 Soybeans  are at $13.54, down 20 1/4 cents,

May 24 Soybeans  are at $13.66 1/2, down 20 3/4 cents,