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On November 25, soybean futures closed down, with November contracts dropping 19 1/4 cents to $11.12 3/4 and nearby cash prices falling 22 3/4 cents to $10.50 1/4. January contracts decreased by 22 1/2 cents to $11.24 1/2, while March contracts fell 20 3/4 cents to $11.36. Despite the decline, January managed a weekly gain of 7 1/2 cents.
The USDA reported a backlog from the shutdown that included 1.348 million metric tons of unreported large daily sales, with China purchasing 332,000 metric tons. Crop Production data revealed U.S. soybean yield at 53 bushels per acre, down 0.5 bushel from September, resulting in an overall production drop to 4.253 billion bushels. Ending stocks were revised down to 290 million bushels, a decrease of 10 million bushels.
Upcoming NOPA data is anticipated to show an October crush of 209.52 million bushels with soybean oil stocks at 1.257 billion pounds, up from 1.243 billion pounds at the end of September.
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