Soybean prices are up fractionally to 1 ½ cents across the front months on Friday morning. Futures rounded out what started as positive trade on Thursday with 8 to 11 ¾ cent losses across most contacts. CmdtyView’s national front month Cash Bean price was down 12 1/4 cents at $9.80 3/4. Soymeal futures were $1.10 to $1.90/ton lower at the close. Soy Oil futures were down 17 to 146 points on the day, led by the front months. Sharp losses in crude oil were a pressure factor.
Export Sales data showed 1.574 MMT of soybeans sold in the week that ended on September 19, a drop from the previous week. That was in the middle of the 0.9 to 2 MMT estimates and well above the same week last year. China was the lead buyer of 869,700 MT, with another 245,300 MT sold to unknown destinations. That jump in sales took 2024/25 export sale commitments to 17.567 MMT, slightly below last year and a 5-year low. That is also 35% of the USDA export projection and behind the 44% average sales pace.
Meal sales were net reductions of 7,944 MT for 2023/24 sales and net sales of 271,984 MT for 2024/25, coming in the middle of the 100,000 and 550,000 MT estimates for the two marketing years. Bean oil sales were 935 MT for 2023/24, with 3,489 MT in 2024/25 sales, barely in the range of 4,000 to 26,000 MT in total sale estimates.
Nov 24 Soybeans closed at $10.41, down 12 1/4 cents, currently up 1 1/2 cents
Nearby Cash was $9.80 3/4, down 12 1/4 cents,
Jan 25 Soybeans closed at $10.59 1/4, down 12 1/2 cents, currently 1 1/4 cents
May 25 Soybeans closed at $10.85 3/4, down 11 3/4 cents, currently 1 cent
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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