Strong Showings for Soybeans Ahead of USDA Report
Soybean prices climbed in early trading on election day, with contracts generally steady to 6 ½ cents higher. CmdtyView reported a national front month Cash Bean price increase of 5 1/2 cents, bringing it to $9.45 1/2. The soymeal futures also saw gains, rising 20 to 80 cents per ton, despite December pulling back 10 cents. Conversely, soy oil futures decreased by 35 to 57 points.
Anticipation Builds for USDA Crop Production Data
The USDA is set to release updated Crop Production data on Friday morning. Analysts surveyed by Reuters predict an average yield of 52.8 bushels per acre (bpa), which would reflect a slight drop of 0.3 bpa from the prior month. The expected range for yields varies from 52.1 to 53.8 bpa. Production estimates for soybeans are projected between 4.495 and 4.64 billion bushels (bbu), with an average estimate of 4.557 bbu, down from 4.582 bbu reported in October.
Record Highs in Soybean Shipments
In September, soybean shipments reached 2.98 million metric tons (MMT), marking the highest level for that month in four years. This figure represents a significant increase of 73.69% from August and a 19.17% rise compared to the same month last year. Notably, soybean meal exports also broke records at 1.126 MMT, a 23.81% increase from the previous month. However, bean oil sales, while more than double last year’s figures, showed a drop of 37.71% compared to last year, totaling 27,377 MT.
Current Market Closing Prices
For November 24, soybeans closed at $9.93 3/4, an increase of 6 1/2 cents. Nearby cash soybeans stood at $9.45 1/2, up 5 1/2 cents. January 2025 soybeans closed at $10.01 3/4, climbing 4 1/2 cents, while May 2025 soybeans finished at $10.30 1/2, gaining 2 1/4 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
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
