Soybeans are seeing a weaker trade on Friday, with contracts down 3 to 4 cents. The cmdtyView national average Cash Bean price has also dropped by 3 1/4 cents to $9.78 1/4. Soymeal futures are down by 50 cents to $1.10, while Soy Oil futures have decreased by 31 to 33 points.
In a report by the USDA, another private export sale of 134,000 MT of soybeans to China was announced this morning. This comes amidst weekly Export Sales data from Thursday showing that sale commitments, both shipped and unshipped, have now reached 21.829 MMT (802 mbu). This figure is 39.3% lower than the same period last year, with a significant decrease in commitments to China, totaling 14.14 MMT, out of which 13.4 MMT are from China.
Sinograin, a China state stockpiler, held an auction on Friday where they sold 179,702 MT, which is nearly a third of the offered amount. This move could potentially impact the soybean market in the coming days.
Looking at the current prices, Jan 26 Soybeans are at $10.49 1/4, down 3 cents, while Nearby Cash is at $9.78 1/4, down 3 1/4 cents. Mar 26 Soybeans are at $10.59, down 3 cents, and May 26 Soybeans are at $10.70, down 3 1/4 cents.
It is important to note that the information and data provided in this article are for informational purposes only. The original article was published on Barchart.com. As of the date of publication, the author, Austin Schroeder, did not have any positions in the securities mentioned in this article.
For more updates on the soybean market, you can visit the original article on Barchart.com.
