Soybean Market Update: Prices Rise Amid Increased Export Activity

Midday Trading Shows Positive Movement in Soybean Contracts

Soybeans are trading with contracts up 3 to 5 cents at Friday’s midday. CmdtyView’s national front month Cash Bean price has increased by 3 3/4 cents, now sitting at $9.31. Meanwhile, Soymeal futures are up 50 cents per ton, while Soy Oil futures have decreased by 32 points.

Strong Export Sales Boost Soybean Outlook

This morning, USDA reported a private export sale of 198,000 metric tons of 2024/25 soybeans to unknown destinations. This adds to the optimism surrounding U.S. soybean exports.

Weekly Export Report Shows Year-Over-Year Growth

The weekly Export Sales report indicates soybean shipments for the marketing year have reached 17.395 million metric tons, which is 12% higher than last year. This represents 35% of USDA’s full-year projection of 1.825 billion bushels compared to the average pace of 32%. Current commitments are at 31.584 million metric tons, reflecting a 9% increase from the same week last year. However, this is 64% of the USDA projection, which trails behind the 67% average pace.

Current Soybean Pricing Overview

Jan 25 Soybeans are priced at $9.81 1/2, increasing by 3 3/4 cents.

Nearby Cash is currently at $9.31, also up 3 3/4 cents.

Mar 25 Soybeans stand at $9.90, an increase of 4 3/4 cents.

Jul 25 Soybeans are at $10.15 3/4, climbing by 4 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 are 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.