Soybean Market Sees Upward Movement Amid Export Activity
Contracts Gain Ground as Key Sales Data Ahead
Soybeans finished the Wednesday session with contracts rising by 7 ½ to 12 ¼ cents. Notably, Thursday marks the first notice day for November soybean futures. Historically, the average close for these futures during October has been $10.04, which is $1.51 lower than the February base insurance price. According to CmdtyView, the national front month Cash Bean price increased by 12 cents to reach $9.24. Meanwhile, soymeal futures displayed mixed outcomes, fluctuating within 20 cents of their previous levels. On a positive note, Soy Oil futures surged, gaining between 83 and 101 points today.
In export news, the USDA announced private sales totaling 132,000 metric tons (MT) of soybeans to China, along with another 132,000 MT designated for unknown destinations, both slated for the 2024/25 season.
A weekly Export Sales report is due for release on Thursday, and traders anticipate seeing between 1.6 to 2.8 million metric tons in 2024/25 bookings for the week ending October 24. Additionally, analysts project 2025/26 sales could range from 0 to 150,000 MT. Expectations for soybean meal sales vary, estimated at 100,000 to 400,000 MT, while soybean oil sales are projected to be between 0 and 45,000 MT.
For the closing prices on November 24, soybean futures stood at:
- Nov 24 Soybeans: closed at $9.76 1/2, gaining 11 1/4 cents
- Nearby Cash: $9.24, up by 12 cents
- Jan 25 Soybeans: closed at $9.91 1/4, up by 12 1/4 cents
- May 25 Soybeans: closed at $10.21 1/4, gaining 11 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 are solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect those of Nasdaq, Inc.
