Soybean Market Update: Mixed Results as Crush Data Surpasses Expectations

Soybean prices are showing a mixed trend in midday trading. While the new crop for November saw a dip of 3 ½ cents, CmdtyView reported a slight rise of 2 cents bringing the national front month Cash Bean price to $9.90. Soymeal futures are down by $3.50 per ton today, while Soy Oil futures have gained 10 points in the current session. Overnight deliveries for January contracts noted 17 for soybeans, 35 for soymeal, and 82 for bean oil.

In a noteworthy development, NOPA’s crush data released earlier today revealed that December crush hit an impressive 206.6 million bushels (mbu), exceeding estimates by over 1 mbu. This represents a 6.96% increase from the previous month and a 5.77% rise compared to December 2022, marking the highest monthly total on record. However, bean oil stocks reached 1.24 billion pounds—this is the highest figure in five months but remains 9.11% lower than the end of 2023.

Mar 25 Soybeans are currently priced at $10.49 ½, reflecting an increase of 2 cents.

Nearby Cash stands at $9.90, up 2 cents.

May 25 Soybeans are trading at $10.63, with a rise of 1 ¾ cents.

Nov 25 Soybeans have dipped to $10.46, down 3 ½ cents.

New Crop Cash is at $9.81, down 3 cents.

On the date of publication,
Austin Schroeder did not hold any positions, either directly or indirectly, in the securities mentioned in this article. The information and data provided herein are solely for informational purposes. For further details, please refer to the Barchart Disclosure Policy
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.