Soybean Market Sees Mixed Trading, Exports Remain Strong

Soybeans experienced fluctuating trade on Monday, with front-month contracts gaining 2 to 4 cents after mid-session dips. CmdtyView’s national front-month cash bean price increased by 2 cents to $9.32 1/2. Soymeal futures ended with increases, ranging from 90 cents to $1.70 per ton, while soy oil futures saw gains of 20 to 30 points.

USDA Reports Export Sales

This morning, the USDA announced a private export sale of 23,000 metric tons of soybean oil to India for shipment in the 2024/25 cycle.

Weekly Export Inspections Update

The weekly Export Inspections report indicated soybean exports totaled 1.57 million metric tons (57.67 million bushels) for the week ending December 26. This figure marks a notable increase of 61.7% compared to the same week in 2024, though it reflects an 11.5% decline from the previous week. China remained the largest buyer, importing 751,115 metric tons, followed by Egypt with 219,120 metric tons and Turkey with 136,789 metric tons. Cumulatively, shipments for the marketing year have reached 28.596 million metric tons (1.05 billion bushels), which is 22.9% higher than the same week in the 2023/24 marketing year.

Managed Money Adjustments

According to CFTC data, managed money reduced their short position in soybean futures and options by 8,369 contracts as of December 24, bringing the total to 67,883 contracts. In contrast, speculators increased their short position in soybean meal by 7,400 contracts, raising it to a record 96,371 contracts.

Weather Forecasts Impacting South America

Weather forecasts indicate dry conditions in Argentina and parts of Southern Brazil. However, many key Brazilian growing regions are expected to receive heavier rainfall over the next week. The USDA’s Attache in Brazil revised its production forecast to 165 million metric tons, primarily due to expanded acreage, while the USDA’s official estimate remains at 169 million metric tons.

Key pricing as of January 25 included:

• Jan 25 Soybeans: $9.82 1/2, up 2 1/2 cents
• Nearby Cash: $9.32 1/2, up 2 cents
• Mar 25 Soybeans: $9.92 1/4, up 2 1/2 cents
• Jul 25 Soybeans: $10.16, up 4 cents

On the date of publication, Austin Schroeder did not hold positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.