Soybeans are trading with contracts down 3 to 4 ½ cents across the front months on Monday, fading back from AM gains. The cmdtyView national average Cash Bean price is down 4 1/4 cents at $11.26. Soymeal futures are steady to 20 cents higher, as Soy Oil futures are down 5 to 10 points.
Export Inspections data showed soybean shipments at 1.896 MMT (69.67 mbu) shipped in the week that ended on November 5. That was down 24.5% from last week but up 68.6% from the same week last year. China was the top destination of 1.266 MMT, with 176,994 MT to Mexico and 171,187 MT to Bangladesh. Marketing year shipments have totaled 14.14 MMT (519.74 mbu), which is up 58.3% yr/yr.
Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis.
Commitment of Traders data showed soybean speculators slashing 52,601 contracts from their net long position in the week ending on November 3, taking it to 132,799 contracts by Tuesday. Much of that was via long liquidation.
Crop Production data will be released on Tuesday from NASS, as a Bloomberg survey of analysts are looking for yield to be raised by 0.4 bushel per acre to 53.5 bpa. Production is seen at 4.596 billion bushel, up 34 mbu from the previous number if realized. WASDE data is expected to show US bean ending stocks up 17 mbu to 332 mbu.
Brazilian soybean planting is 64% complete as of Thursday according to AgRural, ahead of the 61% pace from last year.
Nov 26 Soybeans are at $11.85, down 4 cents,
Nearby Cash is at $11.26 0/1, down 4 1/4 cents,
Jan 27 Soybeans are at $11.89 1/4, down 4 1/2 cents,
Mar 27 Soybeans are at $11.95 3/4, down 3 1/2 cents,
Nov 27 Soybeans are at $11.74 1/2, down 3 cents,
'27 New Crop Cash is at $11.06 1/1, down 3 1/4 cents,
On the date of publication, Austin Schroeder did not directly have a position 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.