Soybeans Pull Out Gains on Monday

Soybeans faced back and forth trade on Monday, with front months shrugging off midday weakness to close up 2 to 4 cents in most contracts. 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. Soy Oil futures posted 20 to 30 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. 

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. 

Jan 25 Soybeans  closed at $9.82 1/2, up 2 1/2 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,

Jul 25 Soybeans  closed at $10.16, up 4 cents,