Soybean Bulls in the Fryer at Midday

Soybeans are showing midday losses totaling 15 to 19 cents across the front months. Preliminary open interest from yesterday’s trade showed net new buying in beans, rising 4,962 contracts on higher price action. Front month Soymeal futures are down $2.10 in the Jan contract.  Soybean Oil futures are down 43 to 53 points in the nearby contracts.  

The markets will be closed Thursday for Thanksgiving, with Friday having a hard open at 8:30 am CST and closing early at 12:05 PM CST. 

The Export Sales report from USDA will be pushed back to Friday morning, with traders expectations ranging from 0.8 to 1.8 MMT for the 23/24 crop and 0-20,000 MT for the 24/25 crop. Soy meal sales are expected to total a wide 100,000-550,000 MT range, with bean oil sales at net reductions of 5,000 MT to net sales of 20,000 MT. 

Brazilian soybean production is seen at 161.6 MMT according to Agroconsult, still a record but below USDA’s 1163 MMT.

Jan 24 Soybeans  are at $13.59, down 18 1/4 cents,

Nearby Cash   is at $12.99 3/8, down 18 1/8 cents,

Mar 24 Soybeans  are at $13.76 1/4, down 16 3/4 cents,

May 24 Soybeans  are at $13.89, down 15 3/4 cents,

On the date of publication, Alan Brugler 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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