Soybeans experienced a positive day of trading on Thursday, with contracts showing an increase of 2 to 3 ½ cents by the end of the session. The national average Cash Bean price, as reported by cmdtyView, was up by 3 3/4 cents to $10.49 3/4. Meanwhile, Soymeal prices were mixed, with contracts showing a range of 30 cents higher to 90 cents lower. Soy Oil futures remained steady to 18 points higher.
The USDA continued to update their Export Sales reports, revealing that 1.248 MMT of soybeans were sold in the week of 10/30. This figure fell within the range of expectations, although it was lower compared to the previous week by 13.9% and down 48.7% from the same week last year. Notably, China made an appearance in the market by purchasing 232,000 MT of soybeans during that week.
Sales of soybean meal totaled 219,830 MT, falling on the lower end of the trade estimate range of 200,000 to 450,000 MT. Additionally, soybean oil bookings were reported at 4,664 MT, slightly below the estimated range of 5,000 to 25,000 MT.
In other news, Statistics Canada released updated production estimates for 2025/26, indicating that canola production is expected to reach 21.8 MMT, a 13.3% increase from the previous year. Actual soybean production, however, is projected to decline by 10.2% to 6.79 MMT.
Brazil’s soybean exports in November totaled 4.2 MMT, marking a 37.62% decrease from the previous month but a significant 64.4% increase from the same period last year. Looking ahead, ANEC estimates December soybean exports from Brazil to reach 2.81 MMT, representing a 1.34 MMT increase compared to the previous year.
In the market, Jan 26 Soybeans closed at $11.19 1/2, up 3 3/4 cents, while Nearby Cash closed at $10.49 3/4, also up by 3 3/4 cents. Mar 26 Soybeans closed at $11.28 3/4, showing a 3 1/4 cent increase, and May 26 Soybeans closed at $11.37 1/4, up by 2 1/2 cents.
It is important to note that the information provided in this article is for informational purposes only. The original article was published on Barchart.com.
