Soybean Weakness Persisting at Midday
Soybeans are holding lower so far at midday, with contracts down 3 to 4 cents. CmdtyView’s national front month Cash Bean price is down 3 3/4 cents at $9.71. Soymeal is down $6.30/ton in the December contract. Nearby Soy Oil futures are up 52 points on the day.
A private export sale of 172,500 MT was reported by the USDA to unknown destinations this morning through the daily flash sale reporting system.
Export Inspections data showed a MY high so far of 1.43 MMT (52.59 mbu) in soybean shipments during the week of October 3. That was up 1.9% from the same week last year and more than double the previous week. The largest destination was China of 705,091 MT, with 153,689 MT headed to Vietnam, and 147,297 MT to Mexico. Marketing year to date inspections have totaled 3.36 MMT (123.5 mbu), just slightly below the same period last year.
CFTC reported managed money specs in soybeans cutting 40,092 contracts from their net short position as of Tuesday. By October 1 they were net short just 34,886 contracts. Commercials were adding 23,087 contracts to a new net short of 30,332 contracts.
Brazil’s soybean crop was pegged at 4.5% planted as of Thursday, which lags the 10% planting pace from last year.
Nov 24 Soybeans are at $10.34, down 3 3/4 cents,
Nearby Cash is at $9.71, down 3 3/4 cents,
Jan 25 Soybeans are at $10.52 1/2, down 3 1/2 cents,
May 25 Soybeans are at $10.82 1/4, down 3 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.