Soybeans fell lower into the weekend, with contracts 15 to 17 cents lower on Friday. Weekly losses were 28 cents in the January contract. The cmdtyView national average Cash Bean price was 17 cents lower at $10.06 1/2. Soymeal futures were 40 cents to $1.80 higher in the front months and lower in the deferreds, with January closing the week down $4.90. Soy Oil futures were 55 to 83 points lower, as Jan was down 162 points this week.
A private export sale of 132,000 MT was reported to China by USDA this morning. Known China purchases (via daily flash sales and weekly data) have accumulated 3.5 MMT. Another sale was reported for soybean meal totaling 104,328 MT to Mexico, with 93,895 MT for the current marketing year and 10,433 MT for the next MY.
Commitment of Traders data was updated this afternoon for the week ending on November 18, with spec funds adding 35,182 contracts to their net long position. That position was 229,625 contracts net long by that date, the largest since October 2020.
We will get another backlogged update to the Export Sales report on Monday. Traders are looking for 0.8-3 MMT in soybean sales for the week of November 20. Meal sales are estimated at 100,000-450,000 MT, with 5,000-25,000 MT for bean oil.
Sinograin, a Chinese state stockpiler, setup another auction for 513,000 MT of imported soybeans set for next Tuesday.
Jan 26 Soybeans closed at $10.76 3/4, down 16 3/4 cents,
Nearby Cash was $10.06 1/2, down 17 cents,
Mar 26 Soybeans closed at $10.86 3/4, down 16 cents,
May 26 Soybeans closed at $10.97, down 15 1/4 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.
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