Soybeans Off Lows at Tuesday’s Midday

Soybeans are getting some pop off the early session lows on Tuesday, as contracts are down just 1 to 4 cents at midday. CmdtyView’s national front month Cash Bean price is down 2 ¾ at $9.39 1/4. Soymeal futures are down $6.30/ton so far on the day to add some pressure. Soy Oil futures are up 92 points on the session. There were no deliveries against Jan soybean overnight, with 129 issued against January meal and 16 for Jan bean oil.

November export data was released this morning, showing soybean shipments at 9.876 MMT (362.88 mbu), which is a 3-year high for the month. That took the first quarter total to 819 mbu and was the largest single month of exports since October 2022. Soybean meal exports were a record 1.55 MMT in November, with bean oil shipments the largest since April 2022 at 58,510 MT. 

Precipitation is expected to make its way back to Southern Brazil in the 8-14 day period, with Argentina seeing more spotty showers.

A delayed weekly Commitment of Traders report indicated managed money slashing 25,436 contracts from their net short in the last week of the year. Most of that was via short covering, as the net short stood at 42,447 contracts as of December 31. The spec crowd in soybean meal were also covering shorts, with the previous record net short down 31,429 contracts to 64,942 contracts. 

Jan 25 Soybeans  are at $9.90 3/4, down 1 3/4 cents,

Nearby Cash  is at $9.39 1/4, down 2 3/4 cents,

Mar 25 Soybeans  are at $9.95, down 2 3/4 cents,

Jul 25 Soybeans  are at $10.17, down 3 1/2 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.