International Soybean Market Update

18-Jan-2025 08:17 AM

International Soybean Market Update
Markets and government offices will be closed on Monday due to Martin Luther King Jr. Day, with normal operations resuming on Tuesday.
According to the CFTC Commitment of Traders data, speculative traders in soybean futures and options switched to a net long position of 34,833 contracts as of January 14. This marked a movement of 63,445 contracts in one week, and for the first time in a year, they held a net long position. Meanwhile, commercials were net short by 120,158 contracts, an increase of 66,450 contracts from the previous week.
The export sales report released Thursday morning showed that soybean sales for the week ending January 9 reached 569,142 MT for the 2024/25 season, indicating a recovery in trade following the holiday week. This brings the total commitments for the marketing year to 40.891 MMT, or 82% of the USDA's export forecast, ahead of the average sales pace of 81%.
In Argentina, soybean crop conditions are deteriorating. According to the Buenos Aires Grains Exchange, the percentage of soybeans rated as excellent has dropped 17% to 32%, while the percentage rated as poor has risen 13% to 21%.