Soybeans Slipping on Friday Morning Trade

Soybeans are trading with 2 to 5 cent losses in early Friday trade. The soybean market posted a mixed Thursday close, as contracts were down 1 ¾ to ½ cent higher. CmdtyView’s national front month Cash Bean price was steady at $9.46 1/2. Soymeal futures were down $1.1 to $1.60/ton on the day. There were another 126 deliveries issued against December soybean meal overnight. Soy Oil futures were back up 21 to 31 points on the session. There were 122 delivery notices issued against December bean oil futures overnight.

Export Sales data showed soybean sales tallied at 1.17 MMT in the week that ended on 12/5, below the 1.5 and 2.2 MMT range expected for 2024/25 bookings. That was down nearly half from last week but up 17.5% from last week. China was the largest buyer of 705,000 MT, with 245,800 MT sold to Spain.

Meal bookings were reported at 176,324 MT, sneaking into the 175,000 to 450,000 MT expected range in that week. That was the second lowest total this marketing year. Bean oil sales totaled 63,846 MT, which was in the middle of the 5,000 to 100,000 MT expectations and the second highest this MY.

NOPA data will be updated on Monday, with the trade looking for 196.713 mbu of soybeans crushed during November. Stocks are estimated at 1.123 billion lbs.

After USDA left the Brazilian number at 169 MMT on Tuesday, CONAB released their monthly update on Thursday morning, showed a slight 0.07 MMT increase to soybean production at 166.21 MMT. Abiove also released updated estimates, taking their estimated 1 MMT higher to 168.7 MMT. 

Jan 25 Soybeans  closed at $9.95 3/4, up 1/4 cent, currently down 3 3/4 cents

Nearby Cash  was $9.46 1/2, unch,

Mar 25 Soybeans  closed at $10.03 1/4, up 1/2 cent, currently down 4 3/4 cents

Jul 25 Soybeans  closed at $10.23 3/4, up 1/4 cent, currently down 4 cents