Soybean Market Faces Continued Decline Amid Oil Pressure

Market Update: Soybean Prices Slip as Trade Unfolds

Soybeans are encountering ongoing weakness, primarily influenced by a drop in oil prices. As of midday, contracts experienced a decline of 4 to 5 cents. CmdtyView reported that the national front month Cash Bean price fell by 3 3/4 cents to $9.43 3/4. Pressure also arose from lower trading in soybean products. While soymeal futures increased by $1.10 per ton, Soy Oil futures dropped an additional 133 points.

This morning, the USDA announced a private export sale of 202,000 metric tons (MT) of soybeans to China for the 2024/25 period, along with an additional 226,200 MT of soybeans sold to an unidentified buyer during this reporting period.

On Thursday morning, the weekly Export Sales report will be released. Trade estimates suggest soybean sales could range from 1 to 1.6 million metric tons for the 2024/25 period and between 0 to 100,000 MT for 2025/26 during the week of November 14. Meanwhile, meal sales are forecasted between 210,000 and 490,000 MT, while bean oil bookings are expected to be between 5,000 and 35,000 MT.

China’s soybean imports for October reached 8.09 million metric tons, with 5.53 million MT sourced from Brazil. In contrast, imports from the U.S. were 541,434 MT, more than double the amount from the previous year.

Jan 25 Soybeans are trading at $9.94 1/4, down 4 1/4 cents.

Nearby Cash is at $9.43 3/4, down 3 3/4 cents.

Mar 25 Soybeans are priced at $10.03 1/2, down 5 cents.

Jul 25 Soybeans are at $10.28 1/2, also down 5 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 here.

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