Soybeans put on a rally on Monday, as buying fallout from Friday’s USDA reports continued. Contracts were up another 20 to 28 cents across most contracts. CmdtyView’s national front month Cash Bean price was up 26 1/4 cents at $9.94 1/2. Soymeal futures were back up $9.30/ton on the day. Soy Oil futures were 34 points higher on the session. January futures expire on Tuesday.
USDA reported a private export sale of 198,000 MT of beans to China this morning for 2024/25 shipment.
The weekly Export Inspections report indicated a total of 1.35 MMT (49.61 mbu) of soybeans shipped in the week of 1/9. That was up 5.5% from the same week last year and 4.2% larger than the previous week. The largest destination was China at 542,868 MT, with 179,167 MT to Bangladesh. The rest of the shipments spread out, as 77,593 MT headed to Indonesia, 71,153 MT to Italy, and 70,823 MT to Turkey. Marketing year shipments have totaled 31.317 MMT (1.151 bbu), up 22.4% from the same period last year.
Delayed CFTC Commitment of Traders data showed managed money trimming another 13,835 contracts from their net short in soybean futures and options in the week of 1/7. That took their net short to 28,612 contracts. Commercials were adding 21,307 contracts to their net short to 53,708 contracts.
Brazil’s soybean crop was tallied at 0.3% harvested as of last Thursday, as things get kicked off according to AgRural. AgResource estimates the Brazilian soybean crop at 172.07 MMT, up 2vMMT from their previous number.
Chinese soybean imports during October totaled 7.94 MMT, which was a 0.2% drop from the same month last year. Total 2024 imports totaled 105.03 MMT, up 6.5% from the year prior.
Jan 25 Soybeans closed at $10.41 1/2, up 28 cents,
Nearby Cash was $9.94 1/2, up 26 1/4 cents,
Mar 25 Soybeans closed at $10.53, up 27 3/4 cents,
Jul 25 Soybeans closed at $10.78, up 28 1/4 cents
