Soybeans are trading with contracts steady to 6 cents higher on Friday morning. Futures were falling for much of the Thursday session with contracts closing 24 to 28 cents in the red. Open interest showed some longs exiting, down 10,834 contracts. There were another 36 deliveries issued overnight, taking the total to 1,506 for the month. The cmdtyView national average Cash Bean price was 26 3/4 cents lower at $10.34. Soymeal futures were down $9.80 to $12.50 in the front months, with Soy Oil futures were 26 to 34 points lower.
COFCO, a Chinese state-owned entity, held a soybean procurement signing ceremony on Thursday morning, though no specifics were given on totals. China also reinstated eligibility for 3 US soybean export firms to ship beans to the country. Chinese customs data showed a total of 9.48 MMT of soybeans were imported during October, down from 12.87 MMT in September.
ANEC estimates the Brazilian soybean exports at 3.77 MMT for November, up 1.43 MMT from last year if realized. Trade ministry data showed official October exports at 6.73 MMT, up from 4.71 MMT from last year.
Nov 25 Soybeans closed at $10.91 3/4, down 28 cents, currently up 1 ½ cents
Nearby Cash was $10.34, down 26 3/4 cents,
Jan 26 Soybeans closed at $11.07 1/2, down 26 3/4 cents, currently up 6 cents
Mar 26 Soybeans closed at $11.17 1/2, down 24 1/2 cents, currently up 5 ½ 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.
