Soybeans Showing Early Turnaround Tuesday Gains as Record Crush Reported

Soybeans are getting in an early Turnaround Tuesday action, as contracts are up  8 to 9 cents. Futures posted weakness to start the week, with losses of 4 to 5 ½ cents across the board. CmdtyView’s national front month Cash Bean price was down 3 cents at $9.36. Soymeal futures added to the pressure down 40 cents to $4/ton on the day. There were another 43 deliveries issued overnight. Soy Oil futures were also a pressure factor, down 9 to 36 points on the session. 

The monthly Fats & Oils report showed 215.76 mbu of soybeans crushed for bean oil during October, which was an all-time record and above the trade’s estimate of 210.9 mbu. That was also 15.7% above the September crush and 7.15% above last year. Soybean oil stocks totaled 1.485 billion lbs, a 1.1% from last year and last month.

Export Inspections data showed 2.088 MMT (76.73 mbu) in soybean shipments in the week of November 28. That was up 78% from the week prior and down 1.4% from last week. The largest destination was China, of 952,095 MT, with 548,461 MT headed to Italy. Shipments for the marketing year have totaled 21.793 MMT (800.74 mbu), which is 16.2% above the same time last year and a 4-year high for this week’s YTD total.

The Monday afternoon Commitment of Traders report showed managed money adding 13,771 contracts to their net short in soybean futures and options as of 11/26. That position stood at 81,472 contracts by that Tuesday. Soy meal specs improved to a near record net short of 75,416 contracts

Jan 25 Soybeans  closed at $9.85 1/4, down 4 1/4 cents, currently up 8 1/2 cents

Nearby Cash  was $9.36, down 3 cents,

Mar 25 Soybeans  closed at $9.91, down 5 cents, currently up 8 cents

Jul 25 Soybeans  closed at $10.16 1/2, down 4 cents, currently up 8 cents