Soybean Prices Surge as Bulls Make a Comeback
Market Activity and Export Sales Update
Soybean bulls are experiencing a resurgence on Friday, with contracts rising 12 to 15 cents in the front months by midday. According to CmdtyView, the national front month Cash Bean price has increased by 15 cents, reaching $9.50 ½. The market’s products are also contributing positively. Soymeal futures are up $1.80 per ton, while Soy Oil futures have risen by 119 points today. Notably, China plans to eliminate its tax rebate on exported used cooking oil starting December 1, which is expected to limit the volume of UCO imported for biodiesel production.
October Crush and Oil Stock Data
Data released by NOPA this morning revealed a record-setting October crush of 199.96 million bushels among its members. This figure surpassed estimates of 196.84 million bushels and was 5.37% higher compared to October 2023. Additionally, soybean oil stocks were reported at 1.069 billion pounds as of October 31, falling below expectations and down 2.8% from the same time last year.
Export Sales Performance
Today’s Weekly Export Sales report showed soybean sales of 1.555 million metric tons (MMT) for the 2024/25 season. This figure is within the expected range of 1 to 2.2 MMT but represents a five-week low in bookings. Meal sales totaled 302,413 metric tons for the week ending November 7, a decrease from last week but still within the estimated range of 175,000 to 540,000 metric tons. Soybean oil sales showed a slight decline from last week’s multi-year high, coming in at 16,469 metric tons, yet still marked an improvement overall.
Current Soybean Prices
As of now, January 2025 soybeans are priced at $10.02 1/2, up 15 cents. Nearby Cash stands at $9.50 1/2, also up 15 cents. March 2025 soybeans are at $10.13 1/4, increasing by 14 cents, while July 2025 soybeans have risen to $10.38 1/4, up 12 3/4 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 are solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
