Soybeans are retreating at Monday’s midday, with contracts falling 2 to 4 cents in the nearbys and some deferreds slightly higher. CmdtyView’s national front month Cash Bean price is down 3 3/4 cents at $9.26. Soymeal futures were pushing higher early this morning but are backing off to unch at midday. Soy Oil futures are trading with 34 point gains.
USDA reported a private export sale of 23,000 MT of soybean oil to India this morning for 2024/25 shipment.
The weekly Export Inspections report tallied soybean exports at 1.57 MMT (57.67 mbu) during the week that ended on December 26. That was up 61.7% from the same week in 2024 but a drop of 11.5% from last week. China was the largest destination of 751,115 MT, with 219,120 MT headed to Egypt and 136,789 MT on its way to Turkey. The marketing year shipments have totaled 28.596 MMT (1.05 bbu) so far, 22.9% larger than the same week in the 2023/24 MY.
Forecasts in South America remain dry for Argentina, with Southern Brazil also catching some drier weather. Most of the major Brazilian growing areas are seen with heavier precip in the next week. USDA’s Attache in Brazil raised their production forecast to 165 MMT, mainly on increased acreage. USDA’s official number is still at 169 MMT.
Jan 25 Soybeans are at $9.76, down 4 cents,
Nearby Cash is at $9.26, down 3 3/4 cents,
Mar 25 Soybeans are at $9.87 3/4, down 2 cents,
Jul 25 Soybeans are at $10.12 1/4, up 1/4 cent,
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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