Soybeans extended weakness on Friday as most previous months fell between 2 and 3 cents. January closed the week with a drop of 27 ½ cents compared to last Friday. cmdtyView’s national average Cash Bean price was 2 3/4 cents lower at $9.78 1/2. Soybean meal futures were down 80 cents at $1.50, and January was down $4.90 this week. Soybean oil futures were down between 2 and 21 points, while January was down 217 points weekly.
The USDA this morning reported another private export sale of 134,000 tons of soybeans to China. Export sales data will be released on Monday morning for the week of December 4, with analysts expecting between 0.8 and 2 million tonnes of bean sales. Flour sales are estimated in a range of 200,000 to 500,000 MT, and bean oil sales in a range of 5,000 to 25,000 MT.
Data from Commitment of Traders showed that managed money trimmed 35,088 contracts from its net long position in soybean futures and options as of the week ending December 9. As of that Tuesday, there were 180,338 net long contracts.
Sinograin, a state-owned warehouse in China, sold 179,702 MT at its auction on Friday, almost a third of the amount offered.
On January 26, soybeans closed at $10.49 1/4, down 3 cents.
Nearby cash was at $9.78 1/2, down 2 3/4 cents,
March 26 Soybeans closed at $10.59 1/2, down 2 1/2 cents.
On May 26, soybeans closed at $10.70 and a half, a drop of 2 3/4 cents.
As of the date of publication, Austin Schroeder had no (directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are for informational purposes only. This article was originally published on Barchart.com