Soybeans are showing quiet Wednesday AM action, with most contracts within a penny of unchanged. Futures faced weakness on Tuesday, with contracts down 2 to 3 ¼ cents. Open interest was down 3,320 contracts on Tuesday, with Jan down 8,878 contracts and March up 5,262 contracts. The cmdtyView national average Cash Bean price was 3 3/4 cents lower at $10.54 3/4. Soymeal futures were down $1.30 to $3, with Soy Oil futures 29 to 35 points higher. There were 3 deliveries issued against December soybean meal overnight, with 128 for December bean oil.
Outside of last week’s limited Chinese buying, daily flash sale announcements from the USDA have been quiet. Reuters reported at least 6 cargoes of US beans for China are scheduled for the middle of December.
Commitment of Traders data from Tuesday afternoon indicated spec traders adding 37,720 contracts to the long side in the week of October 21, mainly by cutting shorts. That took their new net long to 35,329 contracts.
The European Commission estimates the EU soybean imports from July 1 to November 30 at 4.97 MMT, a 0.78 MMT drop from the same period last year.
In terms of closing prices, Jan 26 Soybeans closed at $11.24 3/4, down 3 1/4 cents, currently up ¾ cent. Nearby Cash was $10.54 3/4, down 3 3/4 cents. Mar 26 Soybeans closed at $11.35, down 3 cents, currently unchanged. May 26 Soybeans closed at $11.44 3/4, down 2 3/4 cents, currently up 1/4 cent.
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. This article was originally published on Barchart.com.
