Soybean Market Sees Mixed Results Despite Strong Export Numbers
The soybean market eased from earlier gains but still finished higher on Monday. Contracts ended the day up between 3 ¼ and 11 ½ cents. CmdtyView reported a national front month Cash Bean price increase of 6 1/4 cents to $9.42. However, soymeal futures dropped by $0.80 to $1.50 per ton, while soy oil futures made gains of 36 to 49 points during the session.
Traders Adjust Positions as Commitment of Traders Report is Released
In the most recent weekly Commitment of Traders report, managed money reduced their net short position by 25,436 contracts as of December 31. This adjustment was mainly due to short covering, bringing the net short to 42,447 contracts. Likewise, speculators in soybean meal also covered their shorts, reducing the previous record net short by 31,429 contracts to 64,942 contracts.
Export Inspections: Soaring Shipments Highlight Market Trends
Export Inspections data revealed that 1.285 MMT (47.21 million bushels) of soybeans were exported in the week ending January 2. This figure represents a 21.8% decline from the previous week but is up 23.5% compared to the same week last year. China was the leading destination, importing 559,696 MT, followed by the Netherlands with 136,461 MT. Marketing year shipments have reached a total of 29.956 MMT (1.101 billion bushels), marking a significant 23.2% increase from the same period last year.
Brazil’s December Exports Show Decline
Brazil reported exporting 2.004 MMT of soybeans in December, which is a notable decrease of 47.65% compared to December of the previous year.
Daily Closing Prices for Soybeans
Jan 25 Soybeans: Closed at $9.92 1/2, up 11 1/2 cents
Nearby Cash: Was $9.42, up 6 1/4 cents
Mar 25 Soybeans: Closed at $9.97 3/4, up 6 cents
Jul 25 Soybeans: Closed at $10.20 1/2, up 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
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
