Soybeans Higher to Kick Off Friday Trade
Soybeans are trading with 2 to 3 cent gains on Friday morning. Bulls put on a midday push on Thursday but failed to hold the pop off the lows into the close, as contracts were down 6 ½ to 10 cents. CmdtyView’s national front month Cash Bean price was down 10 cents at $9.83. Soymeal was down $7-$8.50/ton across most contracts. Soy Oil futures were up 84 to 97 points on the day.
Thursday morning’s Export Sales report tallied a total of 1.44 MMT of soybeans sold in the week of 9/26, which was a 3-week low, but still 78.5% larger than the same week last year. That was on the higher end of the trade’s estimates of 1-1.6 MMT in bookings for 2024/25. China was the lead buyer of 725,700 MT, with Bangladesh next in line at 166,000 MT. That large sales total helped to take export commitments to 18.942 MMT, up 3% from last year. That is also 38% of the USDA export projection, compared to the 47% average pace for this time of year.
Soybean meal sales were tallied at net reductions of 40,720 MT for the 2023/24 sales, with 228,563 MT sold for 2024/25. Bean oil sales were pegged at 477 MT for 23/24, with 24/25 sales at 30,838 MT.
Nov 24 Soybeans closed at $10.46, down 10 cents, currently up 2 1/2 cents
Nearby Cash was $9.83, down 10 cents,
Jan 25 Soybeans closed at $10.64 1/2, down 9 3/4 cents, currently up 2 1/2 cents
May 25 Soybeans closed at $10.93 1/2, down 8 3/4 cents, currently up 2 1/2 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.
