Soybean Market Update: Prices Decline with New Export Sales to China

Market Snapshot: Soybeans, Soymeal, and Soy Oil Transactions

Soybeans experienced a steady close on Monday, with prices dipping 5 cents across the board. CmdtyView’s national front month Cash Bean price settled at $9.18 ¼, marking a decline of 5 cents. Meanwhile, soymeal futures fell between $2.40 to $5.00 per ton. In contrast, soy oil futures saw a rise, gaining between 60 to 78 points during the session.

Export Activity: USDA Reports Significant Sale to China

This morning, the USDA announced a private export sale of 132,000 MT of soybeans to China for the 2024/25 shipping period. This development underscores the ongoing demand for U.S. soybeans on the global stage.

Shipping Report: Strong Yearly Growth in Exports

According to the latest Export Inspections report, a total of 1.747 MMT (64.2 million bushels) of soybeans were shipped during the week ending December 19. This figure represents a 56.1% increase compared to the same week last year and a slight 3% rise from the previous week. Notably, China remains the largest destination, receiving 682,683 MT, followed by Mexico with 196,641 MT. So far in the marketing year, overall shipments have reached 26.998 MMT (992 million bushels), reflecting a significant 21.1% growth from last year.

Current Soybean Futures Prices

Jan 25 Soybeans closed at $9.69 1/2, down 5 cents.

Nearby Cash was $9.18 1/4, down 5 cents.

Mar 25 Soybeans closed at $9.75 1/2, down 3 3/4 cents.

Jul 25 Soybeans closed at $9.93 3/4, down 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 those of the author and do not necessarily reflect those of Nasdaq, Inc.