Soybeans Off the Lows, Still Showing Midday Weakness
Soybeans are facing continued weakness, with pressure coming from oil this time, as contracts are down 4 to 5 cents at midday. CmdtyView’s national front month Cash Bean price is down 3 3/4 cents at $9.43 3/4. The products were back to lower trade on the day to add pressure. Soymeal futures are up $1.10/ton and Soy Oil futures down another 133 points.
USDA reported a private export sale of 202,000 MT of soybeans to China this morning for 2024/25, with another 226,200 MT of beans to unknown sold during the reporting period.
The weekly Export Sales report is set to be released on Thursday morning, with the trade estimate for soybeans at 1 to 1.6 MMT for 2024/25 and 0 to 100,000 MT for 2025/26 in the week of 11/14.. Sales for meal are expected to total a range of 210,000 to 490,000 MT, with bean oil bookings between 5,000 and 35,000 MT
Chinese soybean imports during October totaled 8.09 MMT, with 5.53 MMT from Brazil and imports from the US just 541,434 MT but more than double last year.
Jan 25 Soybeans are at $9.94 1/4, down 4 1/4 cents,
Nearby Cash is at $9.43 3/4, down 3 3/4 cents,
Mar 25 Soybeans are at $10.03 1/2, down 5 cents,
Jul 25 Soybeans are at $10.28 1/2, down 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.