Soybeans are trading with Monday morning losses of 4 to 5 cents. They closed out the Friday session with contracts down 9 to 12 cents across the board. November added to last week’s losses, down another 32 ¼ cents last week. CmdtyView’s national front month Cash Bean price was down 9 cents at $9.43. Soymeal futures were down $1 to $1.70/ton on the day. Soy Oil contracts were down 43 to 46 points on the session.
Crop Production data pegged a slightly lower US soybean yield on Friday morning at 53.1 bpa, down 0.1 from last month. That trimmed the US production total by 4 mbu to 4.582 billion bushels. NASS did note that while the producers’ surveys came after Hurricane Helene made landfall, “the full impact from the storm may not be reflected until future reports.” With the slight 2 mbu increase to 2023/24 carryover, the 2024/25 US stocks total came out to 550 mbu, unchanged from last month, as the World Ag Outlook Board adjusted residual accordingly.
For the World numbers, the monthly WASDE saw no changes to the South American output totals. World ending stocks were up just a slight 0.07 MMT to 134.65 MMT.
CFTC data from Friday afternoon pegged managed money trimming another 13,088 contracts from their net short in soybeans futures and options. They held a net short of 21,798 contracts as of October 8. Commercials added another 9,952 contracts to their net short, at 40,284 contracts by that date.
Chinese soybean imports in September totaled 11.37 MMT according to the country’s customs data, which was up 59% from the same month last year. Since Jan 1, their imports have totaled 81.85 MMT, 8.1% largest than the year prior.
AgRural estimates the Brazilian soybean crop at 8.2% planted as of last Thursday, vs. the 17% from last year.
Nov 24 Soybeans closed at $10.05 1/2, down 9 1/4 cents, currently down 5 cents
Nearby Cash was $9.43, down 9 cents,
Jan 25 Soybeans closed at $10.21, down 10 1/2 cents, currently down 5 cents
May 25 Soybeans closed at $10.49 1/4, down 12 cents, currently down 5 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.
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