Soybeans Close Friday with Continued Weakness

Soybeans extended the weakness on Friday, as most front months were down 2 to 3 cents. January closed out the week down 27 ½ cents from last Friday. The cmdtyView national average Cash Bean price was 2 3/4 cents lower at $9.78 1/2. Soymeal futures were down 80 cents to $1.50, with January $4.90 lower this week. Soy Oil futures were down 2 to 21 points, as January was down 217 points wk/wk.

USDA reported another private export sale of 134,000 MT of soybeans to China this morning. Export Sales data will be out on Monday morning for the week of December 4, with analysts expecting 0.8-2 MMT of bean sales. Meal sales are estimated in a range of 200,000-500,000 MT, with bean oil in a 5,000-25,000 MT range. 

Commitment of Traders data showed managed money slashing 35,088 contracts from their net long in soybean futures and options as of the week ending on December 9. As of that Tuesday, they were net long 180,338 contracts. 

Sinograin, a China state stockpiler, sold 179,702 MT in their auction on Friday, nearly a third of the offered amount.

Jan 26 Soybeans  closed at $10.49 1/4, down 3 cents,

Nearby Cash  was $9.78 1/2, down 2 3/4 cents,

Mar 26 Soybeans  closed at $10.59 1/2, down 2 1/2 cents,

May 26 Soybeans  closed at $10.70 1/2, down 2 3/4 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.