Soybeans Falling at Midday
Soybeans are trading with midday losses of 15 to 19 ½ cents on Wednesday. Traders are taking a risk off approach as Tuesday’s meeting between President Trump and President Xi of China has been delayed. CmdtyView’s national front month Cash Bean price is down 19 3/4 cents at $9.94 1/2. Soymeal futures are down $5.40/ton, with Soy Oil futures 75 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 are at $10.55 1/2, down 19 1/2 cents,
Nearby Cash is at $9.94 1/2, down 19 3/4 cents,
May 25 Soybeans are at $10.70 1/2, down 17 1/2 cents,
Nov 25 Soybeans are at $10.57 3/4, down 15 3/4 cents,
New Crop Cash is at $9.93 1/4, down 15 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.