Soybeans are trading with 17 to 18 cent nearby losses on Monday, following elections in Brazil over the weekend. The cmdtyView national average Cash Bean price is down 18 cents at $11.81 1/4. Soymeal futures are down $6.40 to $6.80, with Soy Oil futures 5 to 11 points lower.
Following elections in Brazil over the weekend, President Lula da Silva was reelected in a surprise that has sent the Brazilian real down over 9% to the dollar this morning. The weaker currency makes their beans cheaper by comparison to the US.
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The Monday Export Inspections report showed soybean shipments of 2.476 MMT (90.99 mbu) in the week of 10/22. That was 19.7% larger than the week prior and more than double the same week last year. China was the largest destination of 1.652 MMT, with 264,556 MT shipped to Mexico and 114,266 MT to Egpyt. Shipments for the marketing year are now at 9.705 MMT (356.6 mbu) of soybeans, which is now 42.4% ahead the same period last year.
The weekly CFTC update showed speculators in soybean futures and options net long 206,936 contracts as of October 20th. That was a reduction of 30,555 contracts over the course of that week. And soybean meal futures and options, managed money held a net long position of 204,693 contracts, less than 3000 contracts off their record net long from late September.
Brazil’s soybean planting pace was estimated at 40% complete as of Thursday according to AgRural, running ahead of the 36% average pace.
Nov 26 Soybeans are at $12.38 3/4, down 17 3/4 cents,
Nearby Cash is at $11.81 1/4, down 18 cents,
Jan 27 Soybeans are at $12.50 1/4, down 18 1/4 cents,
Mar 27 Soybeans are at $12.59, down 17 cents,
Nov 27 Soybeans are at $12.19 1/4, down 11 3/4 cents,
'27 New Crop Cash is at $11.52, down 11 1/4 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 is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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