Soybeans Close Friday with Continued Weakness

Market Overview - Soybeans experienced a decline, with most front months down by 2 to 3 cents, and January closing down 27 ½ cents from the previous week [1] - The national average Cash Bean price decreased by 2 3/4 cents to $9.78 1/2 [1] - Soymeal futures fell by 80 cents to $1.50, with January down $4.90 for the week [1] - Soy Oil futures decreased by 2 to 21 points, with January down 217 points week-over-week [1] Export Activity - The USDA reported a private export sale of 134,000 MT of soybeans to China [2] - Analysts expect the upcoming Export Sales data for the week of December 4 to show soybean sales between 0.8-2 MMT, with meal sales estimated at 200,000-500,000 MT and bean oil in a range of 5,000-25,000 MT [2] Trader Positions - Commitment of Traders data indicated that managed money reduced their net long positions in soybean futures and options by 35,088 contracts as of the week ending December 9, bringing their net long to 180,338 contracts [3] - Sinograin, a state stockpiler in China, sold 179,702 MT in their auction, which was nearly a third of the offered amount [3] Price Summary - January 26 Soybeans closed at $10.49 1/4, down 3 cents [3] - Nearby Cash was recorded at $9.78 1/2, down 2 3/4 cents [3] - March 26 Soybeans closed at $10.59 1/2, down 2 1/2 cents [3] - May 26 Soybeans closed at $10.70 1/2, down 2 3/4 cents [3]