Soybeans are trading with Tuesday morning gains of 2 to 5 cents. Futures faced back and forth trade on Monday, with front months shrugging off midday weakness to close up 2 to 4 cents in most contracts. Preliminary open interest was down 23,472 contracts, with most of that in January (26,820 contracts) ahead of First Notice Day. There were 109 deliveries issued against January soybean futures on FND. CmdtyView’s national front month Cash Bean price was up 2 cents at $9.32 1/2. Soymeal futures closed with contracts up 90 cents to $1.70/ton. There were 1,116 deliveries issued against January bean meal on First notice day. Soy Oil futures posted 20 to 30 point gains. There were 425 deliveries issued against Jan bean oil overnight, all by a JP Morgan customer. The market will be closed on Wednesday, with a hard 8:30 am CST open on Thursday.
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.Â
CFTC data showed managed money cutting back 8,369 contracts from their net short position in soybean futures and options as of December 24, to 67,883 contracts. In soybean meal, specs were adding to their record net short position by 7,400 contracts to 96,371 contracts.
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.Â
Jan 25 Soybeans  closed at $9.82 1/2, up 2 1/2 cents, currently up 2 cents
Nearby Cash  was $9.32 1/2, up 2 cents,
Mar 25 Soybeans  closed at $9.92 1/4, up 2 1/2 cents, currently up 3 1/2 cents
Jul 25 Soybeans  closed at $10.16, up 4 cents, currently up 5 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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