Soybeans slipped lower into the Tuesday close with contracts down 1 to 2 cents in the front months. The cmdtyView national average Cash Bean price was 3 cents lower at $9.80 3/4. Soymeal futures posted gains of $1.10 to $2.50 on Tuesday, with Soy Oil futures slipping back 25 to 39 points lower.
Commitment of Traders data from this afternoon showed managed money cutting back another 32,560 contracts from their net long position in the week ending on 12/16 to 147,778 contracts.
USDA’s second release of Export Sales data this week showed soybean sales in the week of December 11 at 2.396 MMT, in the middle of estimates of 1.8-2.9 MMT. That was a marketing year high, the largest in over a year, 68.3% larger than the same week last year. China was the buyer of 1.38 MMT in that week, with the total known sales to China at 6.2 MMT, including the daily sales from the last couple weeks.
Soy meal sales exceeded the trade range of estimates of 275,000-550,000 MT at 616,453 MT. Bean oil sales were on the low end of the estimated range of 5,000-24,000 MT at 8,660 MT.
Jan 26 Soybeans closed at $10.51 1/2, down 1 3/4 cents,
Nearby Cash was $9.80 3/4, down 3 cents,
Mar 26 Soybeans closed at $10.63 3/4, down 1 1/4 cents,
May 26 Soybeans closed at $10.74 1/4, down 1 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.
