Soybeans Close Mixed Despite Export Data
Soybeans came back off the midday lows into the close, with contracts down 1 to 3 ¾ cents, as January was up ¾. On the week January was up 6 cents, with the contracts down 5 since the end of October. CmdtyView’s national front month Cash Bean price was up 3/4 cents at $9.39. Soymeal futures were down $1.60 to 3.50/ton on the day. Soy Oil futures were up 53 to 86 points on the session.
USDA reported a private export sale of 840,000 MT to unknown destinations for 2024/25 this morning, with another 151,700 MT sold during the reporting period to unknown.
Weekly Export Sales data showed 2024/25 bean sales totaling a MY high 2.49 MMT, hitting the high end of the 1.5 to 2.5 MMT in the week of 11/21. A bulk was sold to China at 1.087 MMT, with Mexico buying 229,000 MT and Germany in for 202,000 MT. Sales for 2025/26 were at 18,000 MT to unknown destinations. Meal sales totaled 487,325 MT, which was a MY high and 77.3% above the week prior. Soybean oil sales totaled the largest since December 2010 at 124,792 MT.
USDA’s monthly crush report will be released on Monday, with the trade looking for crush 210.9 mbu of soybeans during October. Soy oil stocks are seen at 1.52 billion lbs.
The next 7 days looks drier than normal in much of central/western Brazil, with the southern portions seeing above normal precip. Brazilian soybean crop estimates from AgroConsult show 2024/25 production seen at 172.2 MMT, which is up 10.2% from the year prior.
Jan 25 Soybeans closed at $9.89 1/2, up 3/4 cent,
Nearby Cash was $9.39, up 3/4 cent,
Mar 25 Soybeans closed at $9.96, down 1 cent,
Jul 25 Soybeans closed at $10.20 1/2, 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.