Soybean Markets See Upward Movement Ahead of Holiday Break
Price Increases and Holiday Market Closures
The soybean market experienced a positive shift on Tuesday, with prices rising between 5 to 8 cents just before the Christmas holiday. CmdtyView reported that the national front month Cash Bean price climbed 5 3/4 cents to reach $9.24. Soymeal futures also saw increases, rising by $3.40 to $4.20 per ton, while Soy Oil futures declined between 21 to 39 points during the session.
With trading closed on Wednesday for Christmas, the market will reopen on Thursday at 8:30 am CST. The weekly Export Sales report is expected on Friday due to the holiday break.
Weather Forecasts and Export Insights
Looking ahead, forecasts indicate normal rainfall across much of Brazil, though areas in the south and parts of Argentina may experience increasing dryness. This pattern of dry weather is expected to extend into the first week of January, particularly affecting Argentina.
According to Monday’s Export Inspections report, a total of 1.747 MMT (64.2 million bushels) of soybeans were shipped in 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. For the marketing year, total shipments to all destinations have reached 26.998 MMT (992 million bushels), reflecting a 21.1% increase from last year’s figures.
Current Soybean Futures Prices
Jan 25 Soybeans closed at $9.75 1/4, up 5 3/4 cents.
Nearby Cash was $9.24, up 5 3/4 cents.
Mar 25 Soybeans closed at $9.81 1/4, up 5 3/4 cents.
Jul 25 Soybeans closed at $10.01 1/4, up 7 1/2 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
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
