The soybean market is pulling back on Monday AM trade, with contracts down 9 to 11 cents. Soybeans posted 4 to 10 cent losses on Friday, led by the nearbys, as March still managed a 21 ¾ cent gain last week. CmdtyView’s national front month Cash Bean price was down 9 3/4 cents at $9.95. Soymeal futures were down $10.40/ton on the day to hold the weekly gains to $7.70/ton in March. Soy Oil futures were up 18 points to ease the losses of 47 points on the week.
Commitment of Trader data showed specs adding 5,497 contracts to their new net long in soybean futures and options to 40,330 as of Tuesday.
Weekly Export Sales data was a day late and showed soybeans at 1.492 MMT, near the top of the 0.6 to 1.8 MMT in 2024/25 bean sales for the week of 1/16. That was more than double the previous week’s sales and a 7-week high. China was the buyer of 888,600 MT, with 120,700 MT sold to Japan and 119,900 MT sold to Mexico.
Meal sales totaled 210,240 MT in the middle of the estimated 100,000-450,000 MT and was a 4-week high. Soybean oil sales were 2,890 MT in that week, below the expected 10,000-60,000 MT.
AgRural trimmed their soybean production estimate for Brazil by 0.5 to 171 MMT, citing some lower yields in couther regions. Harvest of the crop was listed at 3.9% planted.
Mar 25 Soybeans closed at $10.55 3/4, down 9 3/4 cents, currently down 11 cents
Nearby Cash was $9.95, down 9 3/4 cents,
May 25 Soybeans closed at $10.68 1/4, down 9 1/2 cents, currently down 10 1/2 cents
Nov 25 Soybeans closed at $10.48 3/4, down 4 1/2 cents, currently down 9 1/2 cents
New Crop Cash was $9.84 1/4, down 4 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.