Soybean futures closed higher on Tuesday, with contracts up 1 to 3 cents on the day. The cmdtyView national average Cash Bean price also saw an increase of 1 3/4 cents to $10.52. Soymeal futures were up $1.70 to $2.80, while Soy Oil futures remained steady to 13 points higher.
The USDA released delayed Export Sales data on Tuesday morning, revealing that bean sales came in at 785,003 MT, falling on the lower end of the 0.5-1.4 MMT trade estimates for the week of 10/9. This marked a 3-week low and a significant 53.9% decrease compared to the same week last year. Notably, China had not made any purchases at that point.
Meal sales were tallied at 358,406 MT, which was on the higher side of the 150,000-400,000 MT estimates, while bean oil sales fell below estimates at 1,924 MT, compared to the expected range of 5,000-30,000 MT.
Commitment of Traders data showed soybean speculators at a net short position of 391 contracts as of 10/14, with only a slight increase of 38 contracts in the net short position during that week.
ANEC estimates that Brazilian soybean exports for November will amount to 4.4 MMT, representing a 0.31 MMT decrease from their previous projection.
In terms of closing prices, Jan 26 Soybeans closed at $11.24 3/4, up 1 1/2 cents, Nearby Cash was $10.52, up 1 3/4 cents, Mar 26 Soybeans closed at $11.34 3/4, up 2 3/4 cents, and May 26 Soybeans closed at $11.45, up 3 cents.
It is important to note that on the date of publication, Austin Schroeder did not have any positions in the securities mentioned in this article. The information and data provided in this article are for informational purposes only. This article was originally published on Barchart.com.
