Beans settled the Thursday session with losses of 3 ½ to 10 cents across the board, as sales continue to improve and a cut to the Canadian canola crop are giving the bulls a spike. CmdtyView’s national front month Cash Bean price is back up 10 cents at $9.45 3/4. Soymeal futures were 30 to 90 cents/ton lower. Soy Oil futures were back up 77 to 89 points on the day.
USDA reported a private export sale of 136,000 MT of soybeans to China this morning.
Weekly Export Sales data from this morning showed 2.313 MMT of 2024/25 soybean bookings in the week of 11/28, on the high end of the 1.1 to 2.5 MMT estimates. That was down 7.1% from the previous week’s MY high but was up 64.7% above the same week last year. China was the buyer of 669,700 MT, with unknown in for 432,700 MT.
Meal sales were tallied at 280,540 MT in that week, on the lower end of the expected 150,000 and 600,000 MT range. Bean oil sales were also on the low end of the trade ideas at 19,514 MT, vs. trade ideas at 10,000 to 70,000 MT.
October trade data was released by Census this morning, with 9.426 MMT (346.4 mbu) of soybeans shipped in the month, slightly above the same month last year and well above the September total. Soymeal exports continue to be record at 1.28 MMT in October.
Stats Canada data was released on this morning, with canola production pegged a 17.845 MMT, below the estimated 18.51 MMT and down 7% from last year.
Brazil soybean exports totaled 2.55 MMT during November, which was a seasonal drop from October and down 50.87% from last year.
Jan 25 Soybeans closed at $9.93 3/4, up 10 cents,
Nearby Cash was $9.45 3/4, up 10 cents,
Mar 25 Soybeans closed at $9.99, up 9 1/4 cents,
Jul 25 Soybeans closed at $10.22 1/4, up 8 1/2 cents
