Soybean Market Update
Soybean prices were down on Friday, with nearby market contracts decreasing by 17 to 22 cents. As November wrapped up, January futures still managed a gain of 7.5 cents for the week. According to cmdtyView, the national average Cash Bean price fell by 22.75 cents, settling at 10.50.25 cents. In terms of soybean meal futures, there was a drop of $1.40 to reach $6 on the day, although December prices saw an increase of $5.40 this week. Soybean oil futures dipped by 2 to 10 points overall, despite weekly gains of 47 points.
The USDA revealed a significant unreported daily sales balance of 1.348 million metric tons during the recent shutdown. Among this, China purchased only 332,000 tons, while 616,000 tons went to an unspecified destination. Additionally, 237,500 tons of soybean meal were sold to the Philippines. The actual weekly report will not be available until January 2nd.
Recent crop production data indicated U.S. soybean yields were 0.5 bushels per acre lower than the reported September figure of 53 bushels per acre. This adjustment lowered total production by 48 million bushels to 4.253 billion bushels.
The September grain stocks report showed that carryover from 2024/25 was at 316 million bushels, down by 14 million bushels from the previous estimate. When combined with production figures, this reduced the supply by 61 million bushels to 2.59 billion bushels. On the demand side, exports decreased by 50 million bushels, resulting in a 10 million bushel reduction in ending inventory, now at 290 million bushels.
On a global scale, Brazil reported an uptick in domestic used cars and exports, whereas Argentina balanced increased exports with a decrease, leading to a drop in ending inventories to 121.99 million metric tons.
NOPA data is expected to be published on Monday morning, with traders anticipating a total of 209.52 million bushels for the October crash, ranging widely from 197.4 to 223.5 million bushels. Soybean oil inventories are projected to rise to 1.257 billion pounds from 1.243 billion pounds at the end of September.
November 25th Soybeans closed down 19.25 cents at $11.12.75.
Cash Near Me fell 22.75 cents to $10.50.25.
January 26th Soybeans ended down 22.5 cents at $11.24.50.
March 26th Soybeans closed down 20.75 cents at $11.36.
