Soybeans Rally on Soymeal Short Covering

The soybean market closed out the Thursday session with contracts up 12 ¼ to 17 ½ cents across the board. CmdtyView’s national front month Cash Bean price was 13 cents at $9.37. Soymeal futures led the rally on Argentine dryness, with contracts up $9.60 to $13.30/ton higher. Soy Oil futures posted losses of 25 to 49 points at the close.

Forecasts for the next week are calling for near normal rains in most of Brazil, with the Southern portion as well as Argentina seeing dryness creep in. The first week plus of January is seeing some extended dryness in those parts. Meal specs are covering shorts with the drier weather outlook.

The weekly Export Sales report will be released on Friday due to the holiday. Analysts estimate a total of 1 to 1.8 MMT of 2024/25 soybeans were sold in the week of 12/19, with 70,000 to 125,000 MT for 2025/26. Soybean meal sales are seen at 200,000 to 450,000 MT, with 5,000 to 15,000 MT bean oil. 

Stats Canada showed the November canola crush data at 1.019 MMT, up 12.2% from the year prior. December soybean exports out of Brazil are expected to total 1.62 MMT according to ANEC, even with last week’s estimate.

Jan 25 Soybeans  closed at $9.88, up 12 3/4 cents,

Nearby Cash  was $9.37 1/1, up 13 cents,

Mar 25 Soybeans  closed at $9.97 1/4, up 16 cents,

Jul 25 Soybeans  closed at $10.18 1/2, up 17 1/4 cents,

On the date of publication,

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