Soybeans Leaking Lower at Midday

Soybeans are feeling some pressure from the products at midday, with contracts down 2 to 4 cents. CmdtyView’s national front month Cash Bean price is down 2 cents at $9.44 3/4. The products were playing a pressure role, with Soymeal futures down 80 cents/ton and Soy Oil futures back down 37 points. 

USDA reported several private export sales of 261,264 MT of soybeans to Mexico, with 135,000 MT of soybean meal to the Philippines, and 30,000 MT of bean oil to India all for 2024/25 this morning.

The weekly Export Inspections report indicated a total of 2.165 MMT (79.55 mbu) of soybeans shipped in the week of 11/14, which was down 8.4% from last week, but up 32.7% from the same week in 2023. Of that, 1.39 MMT was headed to China, with 143,343 MT headed to Germany and 100,786 MT on its way to Mexico. The marketing year shipments have totaled 17.48 MMT (642.4 mbu), 9.2% larger than the same week last year and second largest for the first 11 weeks of accumulated shipments in the last 7 years. 

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  are at $9.96 1/2, down 2 cents,

Nearby Cash  is at $9.44 3/4, down 2 cents,

Mar 25 Soybeans  are at $10.06 1/2, down 2 1/4 cents,

Jul 25 Soybeans  are at $10.30 3/4, down 3 1/2 cents,