Soybean Market Boosted by USDA Data Despite Lower Production Estimates

Market Update: Soybeans experienced a significant upswing in prices following the latest USDA report, though production numbers fell short of expectations.

Soybeans wrapped up the Friday session with gains of 9 ¾ to 26 ½ cents, primarily driven by positive USDA data. Specifically, March futures climbed 33 ½ cents for the day. CmdtyView’s national front month Cash Bean price increased by 24 ¾ cents, now at $9.68 ¼. In contrast, soymeal futures decreased by 60 cents to $2.40 per ton and saw a $10.30 drop over the week. On a more positive note, Soy Oil futures surged between 211 to 282 points, with March