Soybeans reversed the midday weakness, as contracts rallied for a 4 ¾ to 11 ¼ cent gain across the board, led by the nearbys. CmdtyView’s national front month Cash Bean price was up 11 1/2 cents at $9.57 1/4. The products managed to shake off the midday weakness and turn higher. Soymeal futures were up 70 cents to $1.60/ton, with Soy Oil futures back up 8 to 17 points at the close.
USDA reported several private export sales of 261,264 MT of soybeans to Mexico, with 135,000 MT of soybean meal to the Philippines, and 30,000 MT of bean oil to India all for 2024/25 this morning.
The weekly Export Inspections report indicated a total of 2.165 MMT (79.55 mbu) of soybeans shipped in the week of 11/14, which was down 8.4% from last week, but up 32.7% from the same week in 2023. Of that, 1.39 MMT was headed to China, with 143,343 MT headed to Germany and 100,786 MT on its way to Mexico. The marketing year shipments have totaled 17.48 MMT (642.4 mbu), 9.2% larger than the same week last year and second largest for the first 11 weeks of accumulated shipments in the last 7 years.
AgRural estimates the Brazilian soybean crop at 80% planted as of 11/14, which is well above the 68% completion rate from last year.
Jan 25 Soybeans closed at $10.09 3/4, up 11 1/4 cents,
Nearby Cash was $9.57 1/4, up 11 1/2 cents,
Mar 25 Soybeans closed at $10.19, up 10 1/4 cents,
Jul 25 Soybeans closed at $10.42 3/4, up 8 1/2 cents,
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On the date of publication,
Austin Schroeder
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