Soybeans Backing Off Overnight Strength

Soybeans are holding slightly higher as the market trades through Monday’s midday. There were another 440 deliveries issued overnight, all by a JP Morgan Customer. CmdtyView’s national front month Cash Bean price was up 2 1/2 cents at $9.37. Soymeal futures are down $4.70/ton in the front month. Soy Oil futures are back down 79 points.

A private export sale of 132,000 MT of soybeans to unknown destinations for 2024/25 was reported by the USDA this morning.

The weekly Export Inspections report from FGIS showed 2.159 MMT (79.32 mbu) of soybeans exported in the week of October 31. That was down 17.9% from the week prior’s revised (235,000 MT higher) total and 1.1% below the same week last year. Of that total, 1.399 MMT was shipped to China, with 134,308 MT to Mexico. Marketing year shipments are at 12.8 MMT (470 mbu), which is now 3.5% above the same period last year. 

September crush data was released Friday afternoon by USDA, with actual soybean crush coming in at 186.4 mbu. That was below estimates, but up 11.31% from August and 6.72% above last year’s Sep record. Soy oil stocks were tallied at 1.501 billion lbs, below the 1.539 billion lb estimate.

Weekly Commitment of Traders data showed managed money adding 12,652 contracts to their net short position as of October 29. That took the position to -72,226 contracts. Commercials increased their net short position by 4,959 contracts in that week to 23,383 contracts.

AgRural showed the Brazilian soybean crop at 54% planted as of last Thursday, and now above the 51% from last year for this time.

Nov 24 Soybeans  are at $9.84 3/4, up 2 1/4 cents,

Nearby Cash  is at $9.37, up 2 1/2 cents,

Jan 25 Soybeans  are at $9.95 1/2, up 1 3/4 cents,

May 25 Soybeans  are at $10.26 3/4, up 1 3/4 cents,