Soybean Market Faces Mixed Trading Ahead of USDA Report
The soybean market experienced declines on Monday, with losses ranging from ¼ to 3 3/4 cents across nearby contracts. Meanwhile, some deferred contracts showed slight gains. CmdtyView reported that the national front month Cash Bean price decreased by 3 3/4 cents, settling at $9.41 1/2. Soymeal futures increased between $1.30 and $2.30 per ton by the close of trading, while Soy Oil futures dropped by 5 to 18 points throughout the session.
Export Inspections Show Strong Year-Over-Year Growth
Export Inspections data revealed that 1.622 million metric tons (MMT), equivalent to 59.6 million bushels (mbu), of soybeans were shipped during the week ending December 5. This figure marks an impressive 62.3% increase compared to the same week last year but reflects a decrease of 23.1% from the previous week. Notably, over half of the total shipments, or 847,025 MT, were sent to China, with Turkey and Italy receiving 125,277 MT and 142,036 MT, respectively. Cumulatively, marketing year-to-date shipments have reached 23.438 MMT (861.2 mbu), surpassing last year’s figures by 18.6% within the first quarter.
USDA Report Anticipations
Looking ahead to the monthly USDA report set for Tuesday, analysts expect minimal changes to the U.S. soybean balance sheet. A Reuters survey averages the estimate at 469 mbu, reflecting a marginal decrease of just 1 mbu from November’s number. For global projections, carryout is anticipated to rise by 0.71 MMT to a total of 132.45 MMT.
Brazilian Soybean Planting Progress
On another front, AgRural has reported that 95% of the Brazilian soybean crop has been planted as of Thursday. This figure shows considerable improvement compared to the 91% recorded at the same time last year.
Current Market Prices
Jan 25 Soybeans closed at $9.90, down 3 3/4 cents.
Nearby Cash was quoted at $9.41 1/2, also down 3 3/4 cents.
Mar 25 Soybeans ended at $9.95 1/2, experiencing a decline of 3 3/4 cents.
Jul 25 Soybeans finished at $10.16 3/4, down 3 1/4 cents.
On the date of publication, Austin Schroeder did not hold any positions, either directly or indirectly, in the securities mentioned in this article. All information and data presented herein are intended solely for informational purposes. For comprehensive details, please refer to the Barchart Disclosure Policy
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
