Soybean Market Shows Steady Gains Ahead of Thanksgiving Break

Firm Prices and Export News Impact Wednesday’s Trading

Soybeans experienced a solid trading session on Wednesday, rising by 5 ¼ cents ahead of the Thanksgiving holiday on Thursday. CmdtyView’s national front month Cash Bean price climbed to $9.38 1/4. Additionally, soymeal futures increased by $2.40 to reach $4.40 per ton. Meanwhile, soy oil futures faced a decline, dropping between 170 to 184 points during the session.

This morning, the USDA announced a private export sale of 132,000 metric tons of soybeans to China for the 2024/25 marketing year.

The release of Weekly Export Sales data has been postponed to Friday morning due to the holiday. Analysts surveyed by Reuters estimate that soybean sales for the week of November 21 could range from 1.5 to 2.5 million metric tons, with an additional forecast of 0 to 100,000 metric tons for 2025/26.

The USDA will also release its monthly crush report on Monday. Analysts expect the report to show a crush of 210.9 million bushels of soybeans for October and predict soy oil stocks to be around 1.52 billion pounds.

Jan 25 Soybeans closed at $9.88 3/4, increasing by 5 1/4 cents.

Nearby Cash was priced at $9.38 1/4, up 5 1/4 cents.

Mar 25 Soybeans closed at $9.97, an increase of 3 cents.

Jul 25 Soybeans finished at $10.23 1/4, rising by 1 3/4 cents.

On the date of publication, Austin Schroeder did not hold any direct or indirect positions in the mentioned securities. All information in this article is provided solely for informational purposes. For additional details, 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.