The soybean market is trading with midday gains of 1 to 2 cents so far on Monday. CmdtyView’s national front month Cash Bean price was up 1 1/2 cents at $9.34 1/2. Soymeal futures are up $2.80/ton on the day. Soy Oil futures are down 68 points so far on the day.
The next week shows a drier than normal weather pattern for key parts of Brazil.
Soybean shipments per FGIS data totaled 2.102 MMT (77.24 mbu) in the week ending on 11/21, a 7.3% drop from the week prior, but 33.5% above the same week last year. The bulk was headed to China, with 1.23 MMT in shipments, as 205,727 MT was destined for Mexico. That took the marketing year total to 19.388 MMT (723.4 mbu), which is the largest since 2020/21 and 12% above the same point last year.
CFTC’s Commitment of Traders report indicated soybean spec traders adding back 13,165 contracts to their net short position as of Tuesday, to 67,701 contracts. Commercials were trimming their net short by 13,976 contracts to 30,200 contracts as of 11/19. In soybean meal, the large spec funds were net short 63,700 contracts, a near record and increase of 36,069 contracts on the week.
Brazil’s soybean crop is now 86% planted as of Thursday according to AgRural, compared to the 74% at the same point last year.
Jan 25 Soybeans are at $9.85, up 1 1/2 cents,
Nearby Cash is at $9.34 1/2, up 1 1/2 cents,
Mar 25 Soybeans are at $9.93 1/2, up 1 1/4 cents,
Jul 25 Soybeans are at $10.19 3/4, up 1 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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