Soybean Market Sees Slight Gains Before Christmas Break
As we approach the Christmas holiday, the soybean market is experiencing a modest rebound, with prices climbing 2 to 4 cents. CmdtyView reports that the national front month Cash Bean price is currently up 2 1/2 cents, settling at $9.21 ¾. Meanwhile, soymeal futures have also risen, increasing by $1.90 per ton, while soy oil futures have dropped by 39 points during today’s trading.
Holiday Market Schedule
The markets will remain closed on Wednesday in observance of Christmas, following an early closing today. Trading will recommence on Thursday at 8:30 am CST. Due to the holiday, the weekly Export Sales report will be released this Friday.
Export Inspections Report Shows Strong Soybean Shipments
According to Monday morning’s Export Inspections report, a total of 1.747 million metric tons (MMT), or 64.2 million bushels (mbu), of soybeans were shipped during the week ending December 19. This figure reflects a significant increase of 56.1% compared to the same week last year, and a slight rise of 3% from the previous week. China continues to dominate as the largest market for U.S. soybeans, receiving 682,683 MT this week, while Mexico received 196,641 MT. For the current marketing year, total shipments have reached 26.998 MMT (992 mbu), marking a notable 21.1% rise year-over-year.
Current Soybean Prices
Current prices in the soybean market are showing some positive movement:
- Jan 25 Soybeans: $9.72, up 2 1/2 cents
- Nearby Cash: $9.21 3/4, up 2 1/2 cents
- Mar 25 Soybeans: $9.78, up 2 1/2 cents
- Jul 25 Soybeans: $9.97 3/4, up 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 is 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.
