Soybeans posted Wednesday losses of 11 to 18 cents to close out the day. Traders were taking a risk off approach as Tuesday’s meeting between President Trump and President Xi of China was delayed, with rains in Argentina adding some pressure. CmdtyView’s national front month Cash Bean price was down 18 cents at $9.95 1/4. Soymeal futures were down $5.10/ton, with Soy Oil futures 70 points lower.
Analysts estimate soybean bookings during the week of January 30 at 0.3-1.1 MMT for 2024/25, with 0-50,000 MT for 2025/26. Meal sales are pegged at 200,000-550,000 MT, with soybean oil between net cancellations of 15,000 MT to sales of 30,000 MT.
Ag Market Commentary:
December soybean export shipments totaled 7.962 MMT (292.57 mbu), which was a 4-year high and the 4th largest December number all time. That was a decline of 19.38% from November but still up 68.04% from last year. Soybean meal exports were a record for December at 1.548 MMT, while bean oil was the largest for Dec in 9 years at 126,907 MT.
ANEC estimates Brazilian soybean exports during February at 9.77 MMT, which is up from the 9.6 MMT last year if realized.
Mar 25 Soybeans closed at $10.57, down 18 cents,
Nearby Cash was $9.95 1/4, down 18 cents,
May 25 Soybeans closed at $10.72 1/4, down 15 3/4 cents,
Nov 25 Soybeans closed at $10.62 1/2, down 11 cents,
New Crop Cash was $9.98 1/4, down 11 cents
