Soybeans closed Thursday’s session with losses of 6 to 7 cents as weakness continues. cmdtyView’s national average Cash Bean price was 5 3/4 cents lower, at $9.81 1/4. Soybean meal futures were up 20 cents, or $1.00 higher, and soybean oil futures were down between 41 and 47 points.
The USDA this morning reported a private export sale of 114,000 tons of soybeans to unknown destinations.
Weekly export sales data this morning showed 1.106 million tonnes in soybean sales for the week ending 11/27, amidst estimates of 0.6-2 million tonnes. That was a 52.3% drop from the previous week and is less than half of the same week last year.
Accumulated sales commitments, both shipped and unshipped, now amount to 21,829 MMT (802 mbu), 39.3% less than in the same period last year. Much of this delay is due to China, since commitments have dropped by 14.14 million tons, of which 13.4 million tons correspond to China.
Flour sales totaled 436,046 MT, approaching the upper end of estimates of 200,000-450,000 MT. Bean oil sales amounted to 25,516 MT, exceeding commercial expectations by 5,000-25,000 MT.
On January 26, soybeans closed at $10.52 1/4, down 6 cents.
The cash close was $9.81 1/4, down 5 3/4 cents,
March 26 Soybeans closed at $10.62, down 6 3/4 cents.
On May 26, soybeans closed at $10.73 1/4, down 6 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