Soybean Markets Face Midday Declines Amid Delayed China Talks
The soybean market is experiencing midday losses ranging from 15 to 19 ½ cents as traders adopt a cautious stance. This follows the postponement of a key meeting between President Trump and President Xi of China. According to CmdtyView, the national front month Cash Bean price has decreased by 19 3/4 cents, settling at $9.94 1/2. Meanwhile, soymeal futures have dropped by $5.40 per ton, and soy oil futures are down by 75 points.
Upcoming Soybean Bookings Predictions
Analysts project soybean bookings for the week of January 30 to range between 0.3 and 1.1 million metric tons (MMT) for the 2024/25 season, with expectations of 0 to 50,000 MT for 2025/26. Additionally, meal sales are estimated to fall between 200,000 and 550,000 MT. Soybean oil is expected to experience net cancellations of 15,000 MT to sales of 30,000 MT.
December Export Shipments Show Mixed Results
December saw soybean export shipments reach 7.962 MMT (292.57 million bushels), marking a four-year high and the fourth largest December shipment on record. This figure represents a decline of 19.38% from November yet shows a significant increase of 68.04% compared to last year. Additionally, soybean meal exports hit a record 1.548 MMT for December, while soybean oil exports reached their highest level in nine years at 126,907 MT.
Brazilian Export Estimates and Current Pricing
ANEC projects Brazilian soybean exports for February at 9.77 MMT, up from 9.6 MMT last year if those estimates hold true.
Current Market Prices
Mar 25 Soybeans are priced at $10.55 1/2, reflecting a decrease of 19 1/2 cents.
Nearby Cash is valued at $9.94 1/2, down by 19 3/4 cents.
May 25 Soybeans are currently at $10.70 1/2, down 17 1/2 cents.
Nov 25 Soybeans are at $10.57 3/4, decreasing by 15 3/4 cents.
New Crop Cash is priced at $9.93 1/4, down 15 3/4 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 are solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.
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