A marketing-year high in weekly export sales provided the clearest signal yet that global appetite for American soybeans remains robust heading into the new year.
Weekly export figures released Thursday showed 2.45 million metric tons of soybeans were sold in the week ending January 15, surpassing all prior tallies for the current marketing year.
That volume was 63.97% larger than the comparable week one year ago and climbed 18.6% above the prior week’s already-solid total.
China (CBOT: ZS) anchored the buying surge, committing to 1.304 million metric tons, a figure that dwarfs the commitments made by any other single destination.
Unknown destinations accounted for an additional 338,300 metric tons, while Egypt locked in purchases of 218,300 metric tons during the same reporting period.
The strength in underlying demand translated directly into Friday’s session, with front-month soybean contracts finishing 3 to 4 cents higher across the board.
March futures settled at $10.67 3/4 per bushel, gaining 3 3/4 cents on the day, while May contracts closed at $10.79 1/2 and July finished at $10.92 1/2.
For the full week, March soybeans added a dime, a meaningful move in a market that has been searching for directional conviction.
The cmdtyView national average cash bean price rose in parallel, settling at $9.98 3/4, also up 3 3/4 cents on the session.
Processed soybean products delivered a mixed performance, with meal sales for the week tallied at 412,671 metric tons, landing on the high side of analyst estimates that ranged from 200,000 to 500,000 metric tons.
March soymeal futures surged $9.90 for the week, with daily gains ranging from 20 cents to $3.70 per ton, reflecting strong underlying crush demand.
Soybean oil told a quieter story on the export front, with sales of just 10,499 metric tons falling into the lower half of the 5,000-to-25,000 metric ton estimate window.
Despite the softer oil export number, March soy oil futures still advanced 138 points over the course of the week, buoyed by the broader complex’s momentum.
On the speculative side, Commodity Futures Trading Commission data showed managed money traders trimmed their net long position by 2,901 contracts, bringing total net long exposure in soybean futures and options to 10,060 contracts as of Tuesday.
The reduction in speculative length suggests some traders are banking recent gains rather than pressing new bets, even as the fundamental export picture continues to improve.
