
Soybeans are rallying on Monday, with contracts starting the week off with 14 to 18 cent gains and soon to expire Jan up 21 ¾. CmdtyView’s national front month Cash Bean price is up 17 1/2 cents at $9.86 1/2. Soymeal futures are back up $7.30/ton on the day. Soy Oil futures are 26 points higher on the session. There were 4 deliveries issued against Jan beans on Friday night, with 6 for meal and 35 for bean oil. Futures expire on Tuesday.
USDA reported a private export sale of 198,000 MT of beans to China this morning for 2024/25 shipment.
The weekly Export Inspections report indicated a total of 1.35 MMT (49.61 mbu) of soybeans shipped in the week of 1/9. That was up 5.5% from the same week last year and 4.2% larger than the previous week. The largest destination was China at 542,868 MT, with 179,167 MT to Bangladesh. The rest of the shipments spread out, as 77,593 MT headed to Indonesia, 71,153 MT to Italy, and 70,823 MT to Turkey. Marketing year shipments have totaled 31.317 MMT (1.151 bbu), up 22.4% from the same period last year.
Friday morning’s Crop Production report showed a 1 bpa drop to yield at 50.7 bpa for soybeans, with production falling 95 mbu. The WASDE ending stocks projection was trimmed by 90 mbu to 380 mbu.
Brazil’s soybean crop was tallied at 0.3% harvested as of last Thursday, as things get kicked off according to AgRural.
Chinese soybean imports during October totaled 7.94 MMT, which was a 0.2% drop from the same month last year. Total 2024 imports totaled 105.03 MMT, up 6.5% from the year prior.
Jan 25 Soybeans are at $10.35 1/4, up 21 3/4 cents,
Nearby Cash is at $9.86 1/2, up 17 1/2 cents,
Mar 25 Soybeans are at $10.43 1/2, up 18 1/4 cents,
Jul 25 Soybeans are at $10.68, up 18 1/4 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.