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Chinese state agencies held an auction for imported soybeans from its reserves on Monday January 27, where 79,026 tonnes of soybeans were offered for sale, trade sources told Fastmarkets.
Speculators in the US corn market continued to amass long positions in the week to Tuesday January 21, sending the net long to the highest level in 140 weeks, while open interest in corn surged to its highest since July 2021, data from the Commodity Futures Trading Commission (CFTC) showed late on Friday January 24.
Soybean futures fell on the Chicago Mercantile Exchange on Friday January 24 on a revision of Argentine export taxes and under technical selling pressure.
Fastmarkets’ weekly recap of the main movements in global cash markets.
The Argentine government announced temporary cuts to export taxes, known as retenciones, for soybeans, soymeal, soyoil, sunflower, wheat, corn, sorghum and barley late on Thursday January 23.
The soybean CFR China (Brazil) basis assessment for March shipment was assessed...
Net sales of US soybean rose to 1.49 million tonnes during the week ended January 16, up by 162% from 569,100 tonnes a week earlier, and within market estimates, US Department of Agriculture (USDA) data showed on Friday January 24.
In the week to January 16, US 2024/25 net soybean meal sales and exports increased within analysts’ expectations, according to the latest figures released by the US Department of Agriculture on Friday January 24.
Canada’s grain and oilseed exports totaled 906,000 tonnes during the week to January 19, a decrease of 262,500 tonnes, or 22%, from 1.17 million tonnes the previous week, according to data from the Canadian Grain Commission published on Friday January 24.
Buenos Aires Grains Exchange (BAGE) has cut its estimates for Argentina’s soybean and corn output in 2024/25 due to the dryness in important producing areas of the country.
Soybean futures rose on the Chicago Mercantile Exchange on Thursday January 23 amid a downward revision of Argentina’s production estimate and bad weather over South America.
The cold front expected to arrive in the US on Thursday January 23 will bring frigid temperatures to the Plains and Midwest through Wednesday January 29. Thin snow cover in some areas raises concerns that winter wheat could be exposed to damaging cold.
The soybean CFR China (Brazil) basis assessment for March shipment was assessed...
Ukrainian exports of oilseeds and their processed products slowed down in the week to Wednesday January 22 due to the seasonality of soybeans and rapeseed, the shutdown of several processing plants, and a reduction in the supply of finished products (sunflower oil and meal), official data from the country’s Ministry of Agrarian Policy showed on Thursday January 23.
Soybean futures fell on the Chicago Mercantile Exchange on Wednesday January 22 on profit-taking and pressure from soyoil losses, along with a forecast of rain in Argentina.
China’s General Administration of Customs (GACC) has suspended shipments from five individual units at five Brazilian soybean exporters due to the identification of non-conformities in cargoes, the Brazilian Ministry of Agriculture said on Wednesday January 22.
The soybean CFR China (Brazil) basis assessment for March shipment was assessed...
EU oilseed crushing volumes rose by an average of 5.26% month on month in December, bringing the total crushing volume for the 2024 calendar year to 39.24 million tonnes, up 3.15% or 1.2 million tonnes of oilseeds year on year, according to data released by the EU association for vegetable oils and protein meals (FEDIOL) on Wednesday January 22.
China’s combined stocks of its major vegetable oils soybean oil, palm oil and rapeseed oil dropped in the week to Friday January 17, with an increase in rapeseed oil stocks outweighing a drop in palm oil volume while soybean oil stocks stayed flat, according to data from the China National Grain and Oils Information Centre (CNGOIC).
The Brazilian Association of Vegetable Oil Industries (Abiove) increased by 1.8% its forecast for Brazil’s soybean production in the 2024/25 crop year to 171.7 million tonnes, with consequent increments in its exports and crushing estimates for 2025, Abiove’s monthly report showed on Tuesday January 21.