The soybean market will have a hard open at 8:30 am CST this morning. Soybeans were in rally mode to close out 2024, as contracts were up 14 1/2 to 19 1/4 cents on New Years Eve. There were 380 deliveries issued against January soybean futures on New Years Eve. CmdtyView’s national front month Cash Bean price was up 17 cents at $9.49 1/2. Soymeal futures were up $4.60 to $5.40/ton. Soy Oil futures were up 6 to 14 points.  There were another 648 deliveries issued against January bean meal on New Years Eve, with 192 issued for bean oil.

Rains are expected to make their way into eastern and central parts of Argentina in the 8-14 day period, though the north eastern part of the country as well as Southern Brazil remains dry.

The weekly Export Sales report has been pushed back to Friday morning. The monthly Fats & Oils report will be released this afternoon, with analysts expecting to see 207.2 mbu of soybean crushed during November. Soy oil stocks are estimated at 1.478 billion lbs at the end of November. 

Monthly EIA data showed 1.227 billion gallons of bean oil used in biofuel production during October, the most since June and third most for any month all time.

Jan 25 Soybeans  closed at $9.98 1/4, up 16 1/4 cents,

Nearby Cash  was $9.49 1/2, up 17 cents,

Mar 25 Soybeans  closed at $10.10 1/2, up 18 3/4 cents,

Jul 25 Soybeans  closed at $10.34 3/4, up 19 cents,