Soybeans Fading Export Business and Shipments

Soybeans are trading with contracts 8 to 10 cents lower across most contracts at midday. The cmdtyView national average Cash Bean price is down 10 cents at $11.92 3/4. Soymeal futures are down $3.60 to $4.60, as Soy Oil futures are down 60 to 64 points.

USDA confirmed another round of private export sales of 114,000 MT of soybeans to China this morning, with another 261,000 MT to unknown destinations. That follows the combined 1.87 MMT in sales announced last week. 

The Monday Export Inspections report showed soybean shipments of 2.002 MMT (73.55 mbu) in the week of 10/15. That was 80.4% larger than the week prior and up 25.8% from the same week last year. China was the largest destination of 1.282 MMT, with 213,260 MT shipped to Mexico and 94,911 MT to Japan. Shipments for the marketing year are now at 7.159 MMT (263.06 mbu) of soybeans, which is now 26.6% ahead the same period last year.

CFTC data from Friday showed spec funds trimming 14,169 contracts from their net long position in soybean futures and options as of Tuesday. That took their net long to 237,491 contracts by October 13.

Brazil’s soybean crop in the Center-South region is estimated at 26% planted as of Thursday, in line with the 24% pace from last year.

Nov 26 Soybeans  are at $12.51 1/2, down 9 3/4 cents,

Nearby Cash  is at $11.92 1/4, down 10 cents,

Jan 27 Soybeans  are at $12.66 3/4, down 9 cents,

Mar 27 Soybeans  are at $12.76, down 8 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.