Mixed Trends in Soybean Market: Prices Shift Ahead of USDA Reports

The soybean market showed varied trading results on Wednesday. Most nearby contracts rose 1 to 3 cents, while the new crop November contract slipped by one cent. CmdtyView’s national front month Cash Bean price increased by 1.5 cents, reaching $9.43. Soymeal futures dropped by $0.40 per ton, while Soy Oil futures gained 38 points during the session. There were no deliveries reported for January soybeans overnight, with 127 deliveries against January meal and 89 for January bean oil.

Export Activity Sparks Interest

This morning, the USDA announced a private export sale of 120,000 MT of soybeans to unknown destinations, scheduled for shipment in 2024/25.

Upcoming USDA Reports

On Friday, the USDA will release several important reports. Analysts expect the soybean yield to decrease slightly by 0.1 bushels per acre (bpa), bringing it down to 51.6 bpa. Production is projected to fall by 8 million bushels, totaling 4.453 billion bushels, as harvested acres are expected to be slightly higher than previously reported in November.

Export Sales Report Delay

The weekly Export Sales report has been postponed until Friday because government offices will be closed on Thursday in observance of former President Carter’s funeral. Additionally, markets will close early at 12:15 pm CST on Thursday.

Current Soybean Prices

Jan 25 Soybeans are trading at $9.90 1/2, a decrease of 1 3/4 cents.

Nearby Cash is priced at $9.43, reflecting an increase of 1 1/2 cents.

Mar 25 Soybeans are at $9.98 1/2, up by 1 1/4 cents.

Jul 25 Soybeans are currently at $10.21, marking a 2-cent rise.

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 details, please view the Barchart Disclosure Policy
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