Soybeans Posting Monday AM Gains

Soybeans are showing gains of 5 to 6 ½ cents across most front months on Monday morning. After experiencing weakness on Friday, where most front months were down 2 to 3 cents, January closed the week 27 ½ cents lower than the previous Friday. Open interest also saw a decrease of 7,435 contracts on Friday. The cmdtyView national average Cash Bean price was down 2 3/4 cents at $9.78 1/2. Soymeal futures were down 80 cents to $1.50, with January seeing a $4.90 drop last week. Soy Oil futures were down 2 to 21 points, with January down 217 points week over week.

Export Sales data is set to be released this morning for the week of December 4, with analysts anticipating 0.8-2 million metric tons (MMT) of soybean sales. Meal sales are estimated to fall within the range of 200,000-500,000 MT, while bean oil sales are expected to be in the 5,000-25,000 MT range.

Commitment of Traders data revealed that managed money reduced their net long position in soybean futures and options by 35,088 contracts as of the week ending on December 9. As of that Tuesday, they held a net long position of 180,338 contracts.

AgRural has raised its estimate for the Brazilian soybean crop to 180.4 MMT, up 1.9 MMT from their previous estimate. In November, China’s soybean imports totaled 5.85 MMT from Brazil and 1.78 MMT from Argentina, with the two countries accounting for 93.9% of the total imports for the month.

As of now, Jan 26 Soybeans closed at $10.49 1/4, down 3 cents but currently up 5 3/4 cents. Nearby Cash was at $9.78 1/2, down 2 3/4 cents. Mar 26 Soybeans closed at $10.59 1/2, down 2 1/2 cents and currently up 6 1/4 cents. May 26 Soybeans closed at $10.70 1/2, down 2 3/4 cents and currently up 6 1/2 cents.

Please note that the information provided in this article is for informational purposes only. The author, Austin Schroeder, does not hold any positions in the securities mentioned. This article was originally published on Barchart.com.