Soybean Market Opens Strong with Seasonal Gains
Soybeans are trading with gains of 4 to 5 cents as Tuesday trading begins. The market held steady to start the week, with contracts rising between 1 ¾ to 3 ½ cents on Monday. Preliminary open interest indicated a slight ownership shift, down by 906 contracts. CmdtyView’s national front month cash bean price increased by 2 cents, reaching $9.35. Meanwhile, soymeal futures saw an increase ranging from $2.50 to $4.50 per ton, whereas soybean oil futures dropped by 40 to 56 points during the session.
Recent Soybean Shipment Trends
According to FGIS data, soybean shipments amounted to 2.102 million metric tons (77.24 million bushels) for the week ending November 21. This figure represents a 7.3% decrease compared to the previous week but is 33.5% higher than the same week last year. China was the leading destination, receiving 1.23 million metric tons, while Mexico accounted for 205,727 metric tons. Overall, the marketing year total now stands at 19.388 million metric tons (723.4 million bushels), marking the largest volume since the 2020/21 season and a 12% increase from last year’s figures.
Brazil’s Soybean Planting Progress
As of Thursday, Brazil’s soybean crop is 86% planted, according to AgRural, compared to 74% at the same time last year. The upcoming week is expected to bring drier-than-normal weather for significant regions in Brazil.
Current Soybean Futures Prices
January 25 Soybeans closed at $9.85 3/4, an increase of 2 1/4 cents, and are currently up by 4 1/2 cents.
Nearby Cash was priced at $9.35, up 2 cents.
March 25 Soybeans closed at $9.94 1/4, up 2 cents, and are currently up by 4 3/4 cents.
July 25 Soybeans closed at $10.20 1/4, up 2 cents, with a current gain of 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 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.
