The soybean market is fading off the overnight weakness at midday, with contracts up 1 to 4 cents so far on Friday. CmdtyView’s national front month Cash Bean price is up 3 cents at $9.83 1/4. Soymeal futures are down $1.40/ton, with Soy Oil futures down 10 points in the nearbys.
On Monday, USDA will release their monthly Fats & Oils report, with analysts estimating 217.6 mbu of soybeans crushed in December. Soy oil stocks are seen at 1.734 billion lbs.
Export Sales data from the USDA showed just 438,002 MT of 2024/25 soybean bookings reported in the week ending on January 23. That took the total export sale commitments to 86% of USDA’s projection, ahead of the 84% average.
The Buenos Aires Grains Exchange tallied the Argentina corn crop at 20% excellent, down 2% from the previous number, shifting to the poor category at 28%.
Mar 25 Soybeans are at $10.47 3/4, up 3 3/4 cents,
Nearby Cash is at $9.83 1/4, up 3 cents,
May 25 Soybeans are at $10.62 3/4, up 3 cents,
Nov 25 Soybeans are at $10.54 1/2, up 1 cent,
New Crop Cash is at $9.90, up 2 cents,
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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