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Soybeans are in rally mode as we close out the year, as contracts are up 8 to 11 cents so far. There were 109 deliveries issued against January soybean futures on FND. CmdtyView’s national front month Cash Bean price is up 7 ¾ cents at $9.39 1/2. Soymeal futures are up $2.10/ton. There were 1,116 deliveries issued against January bean meal on First notice day. Soy Oil futures are up 7 points. 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.
Monthly EIA data showed 1.227 billion gallons of bean oil used in biofuel production during October, the most since June and third most for any month all time.
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.
Jan 25 Soybeans are at $9.90 1/2, up 8 1/2 cents,
Nearby Cash is at $9.39 1/2, up 7 3/4 cents,
Mar 25 Soybeans are at $10.01 3/4, up 10 cents,
Jul 25 Soybeans are at $10.25 1/4, up 9 1/2 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.