Soybeans take a nose dive from the Thanksgiving holiday, with the bulls seemingly forgetting the markets are open today. Futures are down 19 to 21 cents before the early 12:05 PM CST close. Wednesday’s preliminary open interest rose 4,345 contracts. Previous month Soy flour futures are mixed, with Dec up $1 and Jan down $1.80. Soybean Oil futures pile on the weakness, with contracts down 192 to 223 points.
USDA reported some private export sales through its flash sales reporting system this morning, with 129,000 MT sold to China and 323,400 MT sold to unknown destinations.
Friday morning’s USDA Export Sales report showed soybean sales retreating to a 7-week low at 961,270 MT in the week ending November 16. That was at the low end of the trade’s expectations, which ranged from 0.8 to 1.8 MMT for the 23/24 crop. Sales for the 24/25 crop were within expectations of 0-20,000 MT at 9,000 MT for that week.
Soybean meal sales were at the lower end of what the trade expected (100,000-550,000 MT) at 203,619 MT in the week ending last Thursday. Bean oil sales were shown at 282 MT for the current marketing year, with the next MY at net sales of 372 MT.
Argentina’s soybean dollar, the preferential exchange rate to attract soybean exports and generate tax revenue was extended to December 10. Safras & Mercado cut its Brazilian soybean production estimate by 1.87 MMT from its previous number to 161.38 MMT.
Jan 24 Soybeans is at $13.36 1/4, down 20 1/4 cents,
Close Cash is at $12.77 1/2, down 20 1/4 cents,
March 24 Soybeans is at $13.54, down 20 1/4 cents,
24 May Soybeans is at $13.66 1/2, down 20 3/4 cents,
As of the date of publication, Alan Brugler 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 for informational purposes only. For more information, please see Barchart’s Disclosure Policy here.
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