Soybean Futures Experience Decline Ahead of Weekend
Market Update: Soybeans, Soymeal, and Soy Oil Prices Dip
Soybean contracts are down by 3 to 8 cents as trading heads into the weekend, with nearby contracts taking the biggest hits. The cmdtyView national front month Cash Bean price is currently down 7 ½ cents, sitting at $9.78 3/4. Soymeal futures have decreased by $1.20 per ton, while Soy Oil futures have retreated by 72 points. It’s also worth noting that March options are set to expire today.
This morning, export sales data revealed that 480,278 metric tons (MT) of soybeans were sold during the week of February 13, exceeding expectations that ranged from 100,000 to 500,000 MT. This amount is up significantly by 158.9% from the previous week and well above the same week last year. Notably, China purchased 101,200 MT, while Egypt and Mexico acquired 75,700 MT and 73,800 MT, respectively. Sales for the new crop totaled a modest 19,342 MT, with buyers from Mexico and Japan.
Sales for soybean meal reached 316,907 MT, marking a four-week low and falling within the expected range of 200,000 to 600,000 MT. Vietnam emerged as the top buyer of soybean meal, purchasing 177,600 MT, along with an additional 32,300 MT. In terms of bean oil, bookings approached the upper limit of the 25,000 MT forecasts, coming in at 19,408 MT.
In Argentina, the soybean crop quality has seen improvement, with the Buenos Aires Grain Exchange rating 17% of the crop as excellent, up 2% from the previous week. Previously, 34% of the crop was categorized as poor.
Mar 25 Soybeans are currently priced at $10.38, down 7 1/2 cents.
Nearby Cash is at $9.78 3/4, down 7 1/2 cents.
May 25 Soybeans are priced at $10.56 1/4, down 6 3/4 cents.
Nov 25 Soybeans are at $10.58, down 3 1/4 cents.
New Crop Cash is at $9.94, down 3 1/4 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 is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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