Lang
Tuesday, 31 December 2024
Soybeans rallied into the year-end, with contracts up 8 to 11 cents so far. A total of 109 delivery notices were issued against January soybean contracts on first notice day (FND). According to CmdtyView's National Soybean Index, cash soybeans rose 7 ¾ cents to $9.39 ½. Soybean meal futures gained $2.10/tonne, with 1,116 delivery notices issued against January meal contracts on first notice day. Soybean oil futures added 7 points, and 425 delivery notices were issued against January soybean oil contracts overnight, all by a JP Morgan client. The market will be closed on Wednesday and will reopen strictly at 8:30 am CST on Thursday.
The weekly export inspections report showed soybean exports of 1.57 million tonnes (57.67 million bushels) for the week ended 26 December. That is up 61.7% from the same week in 2024, but down 11.5% from the previous week. China was the top destination at 751,115 tonnes, while 219,120 tonnes were shipped to Egypt and 136,789 tonnes to Turkey. Marketing-year-to-date shipments now stand at 28.596 million tonnes (1.05 billion bushels), up 22.9% from the same week in the 2023/2024 marketing year.
Monthly data from the Energy Information Administration (EIA) showed 1.227 billion gallons of soybean oil used in biofuel production in October, the highest since June and the third-highest for any month on record.
Data from the Commodity Futures Trading Commission (CFTC) showed managed money funds trimmed their net short position in soybean futures and options by 8,369 contracts as of 24 December, to 67,883 contracts. In soybean meal, speculators added 7,400 contracts to their record net short position, bringing it to 96,371 contracts.