Soybeans were experiencing a slight uptick in most contracts as of Friday morning. However, futures showed losses of 11 to 15 cents, with a total drop of 32 cents for the week in January. Open interest dropped by 11,941 contracts, largely due to January activity (which saw a decline of 16,299 contracts). The national average Cash Bean price, according to cmdtyView, decreased by 14 1/4 cents, settling at 10.34 1/2 cents. Soybean meal futures decreased by $3.50 to $4.20, accumulating a weekly loss of $11.30 for the January contract. Interestingly, soybean oil futures were more stable, only falling by 17 points after previously dropping 36 points in January. Additionally, five more deliveries were made overnight for December soybean meal.
Looking at the CFTC commitment data for the week of October 28, managed money net long positions saw an increase, reaching 118,489 contracts (up from 83,160). This shift coincided with a recent meeting between President Trump and Xi Jinping. As long positions were closed, commercials added a substantial 96,154 contracts to their net short position, culminating in a total of 245,133 contracts. This marks the highest net purchase since May 2022.
The USDA export sales report, which includes data through November 6, indicated soybean reservations ranging from 0.45 to 1.6 MMT. Specifically, 132,000 tonnes were sold to China, with another 117,000 tonnes sold to unnamed destinations during the week, as per daily reporting. Soybean meal sales are projected to be between 50,000 and 400,000 tons, whereas soybean oil sales are expected to fall between 5,000 and 25,000 tons.
The WASDE data update is anticipated on Tuesday, with traders speculating that US soybean ending stocks could rise to 306 mbu, an increase of 16 mbu from last month, if those predictions hold.
In November, China imported 8.11 MMT of soybeans, reflecting a 14.5% decrease compared to October.
In Argentina, the current soybean planting rate is estimated at 45%, slightly less than the same timeframe last year, according to the Buenos Aires Grain Exchange. Meanwhile, Agraral has Brazil’s soybean planting rate at 94%, which is also below last year’s figure of 95%.
For January 26th, Soybeans closed at $11.05 1/4, down 14 1/4 cents, but are currently showing a minor increase of 1/4 cent.
Cash prices nearby fell by 14 1/4 cents to $10.34 1/2.
On March 26th, Soybeans finished 12 3/4 cents lower at $11.16
And for May 26th, Soybeans closed at $11.25 1/2, down 11 3/4 cents, although they are currently up by 1/4 cent.
