Soybean Morning Update
<div class=\"default-font-wrapper\" style=\"line-height: 1;font-size: 12pt; font-family: Verdana, Geneva, sans-serif;\"><p dir=\"ltr\" id=\"isPasted\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">Soybean Morning Update</span></p><br><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">QT News - Top News</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- Chinese customs data released Friday placed November soybean imports at 7.15 mln mt, bringing the Jan-Nov total soy imports to 97.09 mln mt. The November soy imports included 3.94 mln mt of Brazil soy, off -25% from the year ago month; US soy imports in November totaled 2.79 mln mt up from the 2.29 mln mt in Nov 2023. Jan-Nov soy imports from Brazil were 71.7 mln mt, up +10% on the year, while Jan-Nov US soy imports totaled 17.88 mln mt, off 9% from the year ago period.</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- German stats bureau Friday estimated 2025 winter rapeseed planted acres at 1.11 mln hectares, up +2.3% over the year ago crop.</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- On Friday, Intertek estimated Malaysian palm oil product exports over the Dec 1-20 period at 900,004 mt off -8.3% from their Nov 1-20 estimate at 981,687 mt</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- AmSpec Agri on Friday estimated Malaysian palm oil product exports over the Dec 1-20 period at 889,992 mt that's below their Nov 1-20 estimate at 963,302 mt</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- Buenos Aires Grain Exchange Thursday estimated 24/25 Argentina soybean planting progress is 76.6% complete up from the 65.1% pace last week.</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- US EPA data released Thursday estimated the US generated 732 mln D4 biodiesel credits during November, that compares with the previous month's 784 mln credits</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- US EPA data released Thursday estimated the US generated 1.19 bln D6 Ethanol credits during November, that compares with the previous month's 1.27 bln credits</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- The European Commission Thursday slightly lowered their 24/25 EU Rapeseed production forecast to 16.9 mln mt from the prior month's outlook at 17.2 mln mt. EU 24/25 Rapeseed imports were left unchanged at 5.9 mln mt</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- The European Commission Thursday slightly lowered their 24/25 EU Sunflower production forecast to 8.0 mln mt from the prior month's outlook at 8.1 mln mt</span></p><br><br><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">Pending Tenders</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">NA</span></p><br><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- Euronext Paris February rapeseed futures on Friday are trading -7.75 euros lower at 516.75 euros/mt</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- Dalian May soybean futures on Friday traded +41 yuan lower ending at 3,797 yuan/mt; May soymeal rose +35 yuan ending at 2,600 yuan/mt</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- On Friday, Dalian May soyoil traded unchanged on Friday ending at 7,496 yuan/mt, palm oil dropped -98 yuan ending at 8,762 yuan/mt</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- Malaysian March cash offers for RBD palm oil and olein on Friday traded -74 ringgit lower ending at 4,434 ringgit/mt</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- Malaysian Feb/Mar cash offers for RBD palm oil and olein on Friday traded -$5/mt lower ending at $1,115.00/mt and $1,120.00/mt, respectively</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- Outside markets. Crude Oil -68c ; Gold +$9.90 ; Silver -14.6c ; US $ index -28 pts</span></p><br><br><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">QT News Cash Markets</span></p><br><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\"><span style=\"border:none;display:inline-block;overflow:hidden;width:412px;height:579px;\"><img src=\"https://download.qtmarketcenter.com/jay/1734697606504.png\" width=\"412\" height=\"579\" class=\"fr-fic fr-dii fr-fil\" success=\"true\" filename=\"1734697606504.png\"></span></span></p><br><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">CBOT Grain & Oilseed Volume & Open Interest</span></p><br><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\"><span style=\"border:none;display:inline-block;overflow:hidden;width:776px;height:196px;\"><img src=\"https://download.qtmarketcenter.com/jay/1734697606422.png\" width=\"776\" height=\"196\" class=\"fr-fic fr-dii fr-fil\" success=\"true\" filename=\"1734697606422.png\"></span></span></p></div>