Soybean Prices Rise; Export Commitments Continue Strong Trend

Soybean contracts are trading 4 to 10 cents higher as midday approaches. CmdtyView reports a national front month cash bean price up 4 cents, now at $9.51 1/2. In related markets, soymeal futures have decreased by $1.20 per ton, while soy oil futures have increased by 31 points. Overnight, there were 30 deliveries against the expiring March contract, 125 for March meal, and 24 for bean oil.

Export Commitments Show Strong Performance

The total export commitments for 2024/25 have reached 45.069 million metric tons (MMT), representing a 14% increase from the previous year. This figure also constitutes 91% of the USDA’s export forecast for the marketing year, indicating a sales pace that is aligning with historical averages.

Argentina’s Soybean Crop Conditions

The Buenos Aires Grain Exchange estimates that 32% of Argentina’s soybean crop is rated as excellent, marking a 3% increase from last week. Meanwhile, poor ratings have decreased by 1%, now standing at 26%.

Current Soybean Prices

Mar 25 Soybeans: $9.96 3/4, up 9 1/4 cents

Nearby Cash: $9.51 1/2, up 4 cents

May 25 Soybeans: $10.14 1/2, up 3 3/4 cents

Nov 25 Soybeans: $10.15 3/4, up 4 cents

New Crop Cash: $9.51 3/4, up 3 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 here.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.