Soybean Market Trends Show Mixed Results as Export Data Approaches

Soybeans wrapped up Wednesday’s trading session with prices moving downward by 2 ¾ to 4 cents. In contrast, the nearby November contract experienced a slight increase of ¾ cent. CmdtyView reported a national front month Cash Bean price decline of 2 ½ cents, bringing it to $9.54 ½. Meanwhile, soymeal futures fell by 50 cents to $1.30 per ton. Soy oil futures continued their downward trend, dropping between 85 to 105 points.

Export Sales data, originally scheduled for earlier in the week, will now be published on Friday morning due to a holiday on Monday.

In related news, Lee Zeldin, who is President-elect Trump’s nominee for the EPA, has a history of opposing RFS policy. This stance has likely added pressure to soybean oil prices this week.

On the international front, China’s COFCO is forecasting that Chinese imports will decrease by 9.5% to 98.8 million metric tons during the 2024/25 marketing year. In Argentina, the soybean crop is projected to be between 53 and 53.5 million metric tons, according to the Rosario Grain Exchange. This estimate has increased from a previous range of 52 to 53 million metric tons. Data from CONAB is set to be released Thursday morning.

Nov 24 Soybeans closed at $10.04 ¼, reflecting a rise of ¾ cent.

Nearby Cash traded at $9.54 ½, a decrease of 2 ½ cents.

Jan 25 Soybeans closed at $10.07 ¾, down 2 ¾ cents.

May 25 Soybeans ended at $10.31 ½, down 3 ¾ cents.

On the date of publication, Austin Schroeder did not hold (either directly or indirectly) any positions in the securities mentioned in this article. All information and data in this article are for informational purposes only. For more details, please review the Barchart Disclosure Policy here.

The views and opinions expressed herein are those of the author and do not necessarily represent those of Nasdaq, Inc.