Soybeans are trading with fractional gains across most contracts on Friday morning. Futures posted losses of 11 to 15 cents on Friday, with January down 32 cents on the week. Open interest was down 11,941 contracts, mainly in the January (16,299 contracts). The cmdtyView national average Cash Bean price was 14 1/4 cents lower at $10.34 1/2. Soymeal futures were down $3.50 to $4.20, with weekly loss of $11.30 for the January contracts. Soy Oil futures were steady to 17 points lower, with January down 36 points. There were another 5 deliveries issued for December soybean meal overnight.
The CFTC Commitment of Trade data from the week of October 28 showed managed money ballooning (by 83,160 contracts) their net long position to 118,489 contracts around the President Trump/Xi meeting over a month ago. Commercials added 96,154 contracts to their net short position to 245,133 contacts as longs were exiting. That is the largest net short since May 2022.
The backlog of USDA Export Sales reports will have data for the week ending on 11/6 this morning, with soybean bookings estimated to total 0.45-1.6 MMT. A total of 132,000 MT sold to China and 117,000 MT to unknown destinations in that week are known through the daily reporting system. Soybean meal sales are seen at 50,000 to 400,000 MT, with 5,000 to 25,000 MT for bean oil.
WASDE data will be updated on Tuesday, as traders are looking for 306 mbu in US soybean ending stocks, up 16 mbu from the previous month if realize.
China imported a total of 8.11 MMT of soybean in November, a 14.5% drop from October.
Argentina soybeans are estimated at 45% planted, according to the Buenos Aires Grain Exchange just below the same point last year. AgRural estimates the Brazilian soybean crop at 94% planted, behind the 95% paced from last year.
Jan 26 Soybeans closed at $11.05 1/4, down 14 1/4 cents, currently up ¼ cent
Nearby Cash was $10.34 1/2, down 14 1/4 cents,
Mar 26 Soybeans closed at $11.16, down 12 3/4 cents, currently unch cent
May 26 Soybeans closed at $11.25 1/2, down 11 3/4 cents, currently up ¼ cent
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.
