Soybean Prices Rise Significantly Amid Export Activity
Soybeans have gained between 13 to 20 cents on Thursday, signaling a positive shift in the market. The cmdtyView national front month Cash Bean price increased by 18 ½ cents, reaching $9.65 1/2. Soymeal futures saw a rise of $6.10 per ton, while Soy Oil futures climbed by 29 points. Overnight, the market reported 220 deliveries against March soybeans—entirely attributed to a Marex customer—with additional deliveries of 444 for March bean meal and 195 for soy oil.
This morning, the USDA announced a private export sale of 20,000 MT of soybean oil to an unidentified buyer for the 2024/25 season.
Commodity Bulletin:
From crude oil to coffee, this FREE newsletter is designed for industry professionals and newcomers alike.
Export Sales data released today indicated that soybean bookings totaled 352,883 MT, which fell at the lower end of the estimated range of 300,000-550,000 MT for the week of February 27. This figure represents a 14.1% decrease from the previous week and a 42.5% decline compared to the same week last year. Interestingly, new crop bookings exceeded expectations, totaling 54,886 MT, surpassing the predicted range of 0-50,000 MT.
In terms of soybean meal sales, the total reached 236,677 MT, aligning with the lower end of estimates ranging from 150,000-420,000 MT but reflecting a 34.1% increase from the prior week. Soybean oil sales were notably higher at 54,837 MT, exceeding estimates of 20,000-45,000 MT and nearly tripling the previous week’s sales.
According to census data, January soybean exports amounted to 5.21 MMT (191.5 million bushels), marking a five-year low for the month. This total represents a 12.57% decrease from last year and a significant 34.55% drop from December’s figures. Furthermore, January’s bean meal exports were the second largest on record for that month at 1.425 MMT, while soybean oil shipments also set a record as the largest for any month since January 2010.
Current Market Prices
Mar 25 Soybeans: $10.17, up 19 1/4 cents
Nearby Cash: $9.65 1/2, up 18 1/2 cents
May 25 Soybeans: $10.30 1/4, up 18 1/2 cents
Nov 25 Soybeans: $10.23 1/4, up 13 3/4 cents
New Crop Cash: $9.67, up 21 1/4 cents
On the date of publication, Austin Schroeder did not hold any positions in the securities mentioned in this article, whether directly or indirectly. All information in this article is intended for informational purposes only. For more details, please view the Barchart Disclosure Policy.
More news from Barchart.
The views and opinions expressed here are those of the author and do not necessarily reflect the views of Nasdaq, Inc.
