International Soy Market

26-Nov-2024 08:06 AM

International Soy Market
The soybean market held onto its gains to start the week, with contracts rising 1 ¾ to 3 ½ cents on Monday. CmdtyView's national front month cash bean price increased by 2 cents, reaching $9.35 per bushel. Soymeal futures saw an increase of $2.50 to $4.50 per ton, while soyoil futures dropped 40 to 56 points during the session.

According to FGIS data, soybean shipments for the week ending November 21 totaled 2.102 million metric tons (77.24 million bushels), a 7.3% decrease from the previous week but a 33.5% increase compared to the same week last year. The majority of the shipments were destined for China, which received 1.23 million metric tons, while 205,727 metric tons were shipped to Mexico. This brought the total marketing year shipments to 19.388 million metric tons (723.4 million bushels), the largest since the 2020/21 marketing year and 12% higher than the same time last year.

Brazil's soybean crop is now 86% planted, according to AgRural's report on Thursday, compared to 74% at this time last year. The weather forecast for the coming week indicates below-normal rainfall for key regions of Brazil.