Soybean Market Shows Resilience Despite Minor Losses

Exports Surge to New Heights, Weather Patterns Shift in Brazil and Argentina

Soybean contracts rebounded slightly from earlier losses, closing with minimal declines of up to 2 cents. According to CmdtyView, the national front month Cash Bean price dropped by 1/2 cent to settle at $9.41 1/2. Soymeal futures faced a downturn, falling by $2.70 to $330 per ton, which added some downward pressure. In contrast, Soy Oil futures gained 80 to 96 points during the session. As of now, there were no deliveries against January soybeans overnight; however, 129 were issued for January meal and 16 for January bean oil.

This morning’s release of the November export data revealed that soybean shipments reached 9.876 million metric tons (MMT), equivalent to 362.88 million bushels (mbu), marking a three-year high for the month. This number increased the total for the first quarter to 819 mbu, the largest single month of exports since October 2022. Notably, soybean meal exports set a record at 1.55 MMT in November, while bean oil shipments were the highest since April 2022, totaling 58,510 MT.

Looking ahead, weather forecasts indicate that precipitation is expected to return to Southern Brazil during the next 8-14 days, with Argentina experiencing more scattered showers.

Specific soybean futures closed as follows: Jan 25 Soybeans at $9.92 1/4, down 1/4 cent; Nearby Cash at $9.41 1/2, down 1/2 cent; Mar 25 Soybeans at $9.97 1/4, down 1/2 cent; and Jul 25 Soybeans at $10.19, down 1 1/2 cents.

On the date of publication, Austin Schroeder did not hold (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data provided in this article are for informational purposes only. For more information, please view the Barchart Disclosure Policy
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