Soybeans will start off a new year of trade at 8:30 am CST. The market fell on the New Years Eve session, with contracts down 13 to 16 cents at the close. Open internet was up 5,008 contracts on Wednesday. There were 913 deliveries issued against January beans overnight. The cmdtyView national average Cash Bean price as 15 ¼ cents lower at $9.64 3/4. Soymeal futures were $1.50 to $2.90/ton lower, with Soy Oil futures down 77 to 88 points on the day. There were 48 deliveries issued for Jan bean oil.
USDA released the payment details for the Farm Bridge Assistance program on Wednesday, with soybeans getting a $30.88/acre payment.
CFTC data was delayed due to the backlogged reports from the shutdown as well as last week’s holiday, with Commitment of Traders data showing, managed money at a net long of 110,403 contracts. That was a drop of 37,375 contracts from the week prior.
USDA gave us another weekly update for the week ending on 12/18 on Wednesday, with 1.056 MMT of soybeans sold. That was down 55.94% from the previous week but up 7.9% from the same week last year. Known sales to China (not including sales to unknown destinations) through December 18, including the flash sales from the last couple weeks, are now 6.5 MMT. For reference, in the 2018/19 marketing year (previous trade war), sales by that same week were just 3.5 MMT.
Jan 26 Soybeans closed at $10.30 1/2, down 15 3/4 cents,
Nearby Cash was $9.64 3/4, down 15 1/4 cents,
Mar 26 Soybeans closed at $10.47 1/2, down 14 3/4 cents,
May 26 Soybeans closed at $10.61, down 13 1/2 cents,
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. For more information please view the Barchart Disclosure Policy here.
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