Soybean Market Update: Steady Sales Amid Fluctuating Prices
Soybeans showed a slight recovery from earlier declines, with contracts decreasing by 1 to 3 ¾ cents while January contracts rose by ¾ cent. For the week, January contracts increased by 6 cents, but contracts overall fell 5 cents since late October. CmdtyView reported the national average Cash Bean price at $9.39, up ¾ cent. In related markets, soymeal futures fell between $1.60 and $3.50 per ton, whereas Soy Oil futures climbed by 53 to 86 points during the session.
This morning, the USDA announced a private export sale of 840,000 MT to unknown destinations for the 2024/25 marketing year, in addition to another sale of 151,700 MT reported during the period.
The Weekly Export Sales data illustrated a record high of 2.49 MMT in 2024/25 bean sales, falling within the elevated range of 1.5 to 2.5 MMT for the week of November 21. Notably, a significant portion of these beans, 1.087 MMT, was sold to China, while Mexico and Germany purchased 229,000 MT and 202,000 MT, respectively. For the 2025/26 marketing year, sales stood at 18,000 MT to unspecified destinations. Soymeal sales reached 487,325 MT, marking a record high and showing a considerable increase of 77.3% from the previous week. Additionally, soybean oil sales peaked at 124,792 MT, the highest level recorded since December 2010.
Looking ahead, the USDA’s monthly crush report, scheduled for release on Monday, is anticipated to show a crush of 210.9 million bushels of soybeans for October, with projections placing soy oil stocks at 1.52 billion pounds.
In weather news, the next week appears drier than usual for much of central and western Brazil, while southern areas are expected to receive above-average rainfall. According to AgroConsult, Brazilian soybean crop estimates for 2024/25 predict production at 172.2 MMT, a 10.2% increase from last year.
Jan 25 Soybeans closed at $9.89 1/2, gaining ¾ cent.
Nearby Cash priced at $9.39, also up ¾ cent.
Mar 25 Soybeans closed at $9.96, down 1 cent.
Jul 25 Soybeans ended at $10.20 1/2, down 2 ¾ cents.
On the date of publication, Austin Schroeder did not hold (either directly or indirectly) any positions in the securities mentioned in this article. All information presented here is for informational purposes. For further details, please view the Barchart Disclosure Policy
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