Soybeans are steady to down 1 ½ cents so far on Thursday morning. Contracts posted Wednesday losses of 3 to 4 ½ cents at the close. Open interest dropped 939 contracts on Wednesday. The cmdtyView national average Cash Bean price was 5 cents lower at $9.87 1/4. Soymeal futures were $4.10 to $5.20 lower, with Soy Oil futures steady to 16 points higher.
Weekly Export Sales data will be released on Thursday morning for the week ending on 11/27, with traders looking for 0.6-2 MMT in soybean sales. Meal sales are seen 200,000-450,000 MT, with 5,000-25,000 MT in bean oil sales.
Another delayed update to the backlogged CFTC reports showed managed money adding just 1,137 contracts to their net long as of the week ending on 12/2. That net long was 215,428 contracts in soybean futures and options.
ANEC estimates the Brazilian soybean exports for December at 3.57 MMT, a 0.24 MMT increase from last week’s estimate.
Jan 26 Soybeans closed at $10.58 1/4, down 4 1/2 cents, currently down 1 1/4 cents
Nearby Cash was $9.87 1/4, down 5 cents,
Mar 26 Soybeans closed at $10.68 3/4, down 3 cents, currently down 3/4 cent
May 26 Soybeans closed at $10.80, down 3 cents, currently down 1/2 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.
