Soybean Market Sees Modest Gains Ahead of Key Reports

The soybean market maintained its recent gains as of the Wednesday close, with contracts rising between 1 to 5 ¼ cents as the May contract reached expiration. The cmdtyView Cash Bean price increased by 5 cents to $10.27 ¾. Conversely, soymeal futures dropped by $1.30 per ton, while Soy Oil futures advanced by 52 to 72 points.

Upcoming USDA Reports and Export Forecasts

The USDA’s Export Sales report is set to be released Thursday morning. Analysts surveyed by Reuters anticipate bookings for the 2024/25 marketing year ranging from 200,000 to 500,000 MT for the week of May 8. Estimates for new crop business suggest total bookings of 350,000 to 500,000 MT. In terms of soybean meal sales, expectations fall between 90,000 to 350,000 MT, and bean oil is projected to be between 0 to 34,000 MT.

Indonesia and NOPA Data Updates

Additionally, Indonesia is raising its export tax on crude palm oil from 7.5% to 10%, effective May 17. NOPA data will also be released on Thursday morning, and the market is anticipating that April’s soybean crush will total 184.64 million bushels. This figure represents a 5.1% decrease from the previous month but a 9% increase year-over-year. Bean oil stocks are estimated to be around 1.412 billion lbs.

Argentina’s Soybean Crop Estimate Adjusted

The Rosario Grains Exchange has updated its estimate for Argentina’s soybean crop, increasing it by 3 MMT to a total of 48.5 MMT.

Market Close Summary

May 25 Soybeans closed at $10.67, down ¼ cent.

Nearby Cash was priced at $10.27 ¾, up 5 cents.

Jul 25 Soybeans finished at $10.77 ¾, up 5 ¼ cents.

Nov 25 Soybeans closed at $10.61 ¼, rising by 1 ¾ cents.

New Crop Cash was reported at $9.98 ¼, up 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 are for informational purposes only. For more information, please view 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.