Soybeans Bouncing Back on Thursday Morning
The soybean market is trying to recover some of the Wednesday losses with gains of 4 to 6 cents so far on Thursday morning. Soybeans posted Wednesday losses of 11 to 18 cents to close out the day. Traders were taking a risk off approach as Tuesday’s meeting between President Trump and President Xi of China was delayed, with rains in Argentina adding some pressure. CmdtyView’s national front month Cash Bean price was down 18 cents at $9.95 1/4. Soymeal futures were down $5.10/ton, with Soy Oil futures 70 points lower.
Analysts estimate soybean bookings during the week of January 30 at 0.3-1.1 MMT for 2024/25, with 0-50,000 MT for 2025/26. Meal sales are pegged at 200,000-550,000 MT, with soybean oil between net cancellations of 15,000 MT to sales of 30,000 MT.
December soybean export shipments totaled 7.962 MMT (292.57 mbu), which was a 4-year high and the 4th largest December number all time. That was a decline of 19.38% from November but still up 68.04% from last year. Soybean meal exports were a record for December at 1.548 MMT, while bean oil was the largest for Dec in 9 years at 126,907 MT.
ANEC estimates Brazilian soybean exports during February at 9.77 MMT, which is up from the 9.6 MMT last year if realized.
Mar 25 Soybeans closed at $10.57, down 18 cents, currently up 5 1/4 cents
Nearby Cash was $9.95 1/4, down 18 cents,
May 25 Soybeans closed at $10.72 1/4, down 15 3/4 cents, currently up 5 cents
Nov 25 Soybeans closed at $10.62 1/2, down 11 cents, currently up 4 cents
New Crop Cash was $9.98 1/4, down 11 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.