Soybean Market Sinks: Weekly Losses and Export Insights
Soybean prices fell significantly on Friday, with futures shedding between 7 ¾ to 18 ¾ cents. As a result, November futures ended the week down 35 ½ cents, which is a 3.53% decline. The national front month Cash Bean price reported by CmdtyView decreased by 17 ¾ cents, now standing at $9.12 1/4. Additionally, soymeal futures dropped by $2.50 per ton on the day, while Soy Oil contracts recorded losses of 54 to 77 points.
This morning, the USDA announced private export sales totaling 292,800 MT of soybeans for the reported period, including 21,000 MT of bean oil for Mexico.
The Export Sales data for the week ending October 10 highlighted soybean sales for the 2024/25 season at 1.703 MMT. This figure falls within the expected range of 1 to 2.2 MMT and marks a four-week high, up 24.1% from the same week last year. China remained the leading buyer, purchasing 999,700 MT, while Egypt acquired 144,600 MT.
In soymeal, sales reached 251,401 MT, aligning with estimates between 150,000 and 350,000 MT. Conversely, soybean oil sales were minimal at just 403 MT, falling short of the low estimates of 0 to 20,000 MT.
According to Friday’s Commitment of Traders report, speculators in soybean futures and options increased their net short positions by 18,543 contracts, bringing the total to 40,341 contracts as of October 15.
Nov 24 Soybeans are priced at $9.70, down 18 ¾ cents.
Nearby Cash is at $9.12 1/4, down 17 ¾ cents.
Jan 25 Soybeans currently stand at $9.82 3/4, down 15 1/4 cents.
May 25 Soybeans are priced at $10.11, down 13 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 are solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
