Soybeans Trying to Push Back to $10

Soybeans are trading with 4 to 5 cent gains across the nearbys to kick of Tuesday trade. The soybean market held the gains to start the week, with contracts up 1 ¾ to 3 ½ cents on Monday. Preliminary open interest showed a rotation of ownership, down just 906 contracts. CmdtyView’s national front month Cash Bean price was up 2 cents at $9.35. Soymeal futures were up $2.50 to $4.50/ton on the day. Soy Oil futures were down 40 to 56 points on the session.

Soybean shipments per FGIS data totaled 2.102 MMT (77.24 mbu) in the week ending on 11/21, a 7.3% drop from the week prior, but 33.5% above the same week last year. The bulk was headed to China, with 1.23 MMT in shipments, as 205,727 MT was destined for Mexico. That took the marketing year total to 19.388 MMT (723.4 mbu), which is the largest since 2020/21 and 12% above the same point last year. 

Brazil’s soybean crop is now 86% planted as of Thursday according to AgRural, compared to the 74% at the same point last year. The next week shows a drier than normal weather pattern for key parts of Brazil.

Jan 25 Soybeans  closed at $9.85 3/4, up 2 1/4 cents, currently up 4 1/2 cents

Nearby Cash  was $9.35, up 2 cents,

Mar 25 Soybeans  closed at $9.94 1/4, up 2 cents, currently up 4 3/4 cents

Jul 25 Soybeans  closed at $10.20 1/4, up 2 cents, currently up 5 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 is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.