Soybeans are giving back most of the Friday recovery, as contracts are down 7 to 9 cents. Bulls fought back on Friday, as contracts settled the session with gains of 5 to 11 cents across the board. Nearby January was down 3.08% last week. Preliminary open interest indicated net new buying on Friday, up 7,715 contracts. CmdtyView’s national front month Cash Bean price was up 11 cents at $9.46 3/4. The products were playing a supportive role, with Soymeal futures up $1.30 to $2.60/ton and Soy Oil futures rallying 75 to 93 points on the session. China is expected to eliminate their tax rebate on exported used cooking oil starting on December 1. That should help to limit the amount of UCO imported for use as a feedstock in biodiesel.
NOPA data released on Friday morning showed a record and better than expected October crush at 199.96 mbu among members. That was well above the estimated 196.84 mbu and 5.37% above October 2023. Stocks of bean oil were tallied at 1.069 billion lbs for October 31, below estimates and down 2.8% from last year at this time.
Weekly Export Sales data from Friday morning showed 1.555 MMT of soybean sales for 2024/25. That was in the middle of the expected range of 1 to 2.2 MMT and a 5-week low for bookings. China was the top buyer of 1.18 MMT in that week, with Egypt in for 127,700 MT.Â
Meal sales were reported at 302,413 MT in the week that ended on November 7, back down from last week but in the middle of the estimated 175,000 to 540,000 MT. Soybean oil sales backed off from last week’s multi-year high to 16,469 MT, which was still an improvement.
Weekly Commitment of Traders data showed spec funds in soybean futures and options trimming back their net short by 15,576 contracts to 54,536 contracts as of Tuesday. Commercials added 14,726 contracts to their net short, now at 44,176 contracts by 11/12.
AgRural estimates the Brazilian soybean crop at 80% planted as of 11/14, which is well above the 68% completion rate from last year.
Jan 25 Soybeans  closed at $9.98 1/2, up 11 cents, currently down 7 1/2 cents
Nearby Cash  was $9.46 3/4, up 11 cents,
Mar 25 Soybeans  closed at $10.08 3/4, up 9 1/2 cents, currently down 8 1/4 cents
Jul 25 Soybeans  closed at $10.34 1/4, up 8 3/4 cents, currently down 8 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.
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