Soybeans ignored the export business reported this morning, as contracts were down 5 3/4 to 8 ¼ cents to close out the day. January ended the week with a loss of 5 ½ cents.  CmdtyView’s national front month Cash Bean price was down 7 1/2 cents at $9.39 3/4. Soymeal futures were down $2.40 to 3.60/ton on the day. Soy Oil futures were 3 to 19 points lower on the session. 

CFTC Commitment of Traders data showed a total of 13,897 contracts covered from the spec funds net short position in soybean futures and options as of 12/10, taking the position to -58,320 contracts. Commercials were at a net short of 27,087 contracts by Tuesday a 7,898 contract increase.

USDA reported a private export sale of 200,000 MT of soybeans to unknown destinations for 2024/25 this morning. Export Sales data shows total shipments at 23.487 MMT, 22% larger than last year and a 4-year high. That is 47% of USDA’s 1.825 bbu full year estimate, ahead of the 43% average pace. Bean commitments are 37.284 MMT, now 12% above last year and 75% of the USDA projection, on pace with normal. 

NOPA data will be updated on Monday, with the trade looking for 196.713 mbu of soybeans crushed during November. Stocks are estimated at 1.123 billion lbs.

Buenos Aires Grain Exchange data shows the Argentine soybean crop at 64.7% planted, running near normal pace. 

Jan 25 Soybeans  closed at $9.88 1/4, down 7 1/2 cents,

Nearby Cash  was $9.39 3/4, down 7 1/2 cents,

Mar 25 Soybeans  closed at $9.95, down 8 1/4 cents,

Jul 25 Soybeans  closed at $10.16, down 7 3/4 cents,