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The soybean market is slipping lower to kick off the Wednesday session, with contracts down 2 to 4 cents. Soybeans got a pop off the early session losses, as contracts closed with fractional to 2 cent losses. Pr3eliminary open interest showed a rotation of ownership, up 822 contracts. CmdtyView’s national front month Cash Bean price was down 1/2 at $9.41 1/2. Soymeal futures fell back $2.70 to $3.30/ton on the day to add some pressure. Soy Oil futures were up 80 to 96 points on the session. There were no deliveries against Jan soybean overnight, with 127 issued against January meal and 89 for Jan bean oil.
November export data was released on Tuesday, showing soybean shipments at 9.876 MMT (362.88 mbu), which is a 3-year high for the month. That took the first quarter total to 819 mbu and was the largest single month of exports since October 2022. Soybean meal exports were a record 1.55 MMT in November, with bean oil shipments the largest since April 2022 at 58,510 MT.
Precipitation is expected to make its way back to Southern Brazil in the 8-14 day period, with Argentina seeing more spotty showers.
Jan 25 Soybeans closed at $9.92 1/4, down 1/4 cent, currently up 1 3/4 cents
Nearby Cash was $9.41 1/2, down 1/2 cent,
Mar 25 Soybeans closed at $9.97 1/4, down 1/2 cent, currently down 2 3/4 cents
Jul 25 Soybeans closed at $10.19, down 1 1/2 cents, currently down 2 3/4 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.