Soybeans Continue Selling the Fact on Friday with Chinese Buying

Market Overview - Soybean prices declined, with contracts falling 15 to 17 cents on Friday and a weekly loss of 28 cents in the January contract [1] - The national average cash bean price decreased by 17 cents to $10.06 1/2 [1] - Soymeal futures experienced mixed results, with front months up by 40 cents to $1.80, while January closed down $4.90 [1] - Soy Oil futures were lower, with January down 162 points this week [1] Export Activity - A private export sale of 132,000 MT of soybeans to China was reported by USDA, bringing total known purchases to 3.5 MMT [2] - Additionally, a sale of 104,328 MT of soybean meal to Mexico was reported, with 93,895 MT for the current marketing year and 10,433 MT for the next marketing year [2] Trader Positions - Commitment of Traders data indicated that spec funds added 35,182 contracts to their net long position, totaling 229,625 contracts, the largest since October 2020 [3] - Upcoming Export Sales report is expected to show soybean sales between 0.8-3 MMT for the week of November 20, with meal sales estimated at 100,000-450,000 MT [3] Auction Activity - Sinograin, a Chinese state stockpiler, announced an auction for 513,000 MT of imported soybeans scheduled for next Tuesday [4] - Closing prices for January soybeans were $10.76 3/4, down 16 3/4 cents, with nearby cash at $10.06 1/2, down 17 cents [4]