Soybean Futures Show Mixed Trade Amid Strong Export Sales

Soybean futures exhibited varied trading patterns Friday morning, mostly hovering near unchanged levels. Following a notable bounce on Thursday, contracts closed higher, with gains between 5 and 11 cents. CmdtyView reported the national front month Cash Bean price increased by 10 1/2 cents to $9.48 1/2. Meanwhile, Soymeal futures climbed by $4.70, reaching $7.90 per ton in near-month contracts, while Soy Oil futures experienced declines, falling 29 to 40 points. Overnight, there were 30 deliveries issued against the expiring March contracts, including 125 for March meal and 24 for bean oil.

USDA Export Sales Report Highlights Strong Demand

The USDA’s Export Sales report released Thursday indicated notable demand for soybeans, with bookings totaling 751,651 metric tons for the 2024/25 marketing year. This figure marks a seven-week high and significantly surpasses sales from the same week last year. Among the buyers, China topped the list with 208,300 metric tons, much of which was switched from an unknown source. Indonesia also made significant purchases, buying 151,800 metric tons. For new crop sales, there were 43,144 metric tons recorded. In contrast, soybean meal sales decreased to 186,361 metric tons, while bean oil sales reached 68,512 metric tons.

Export Commitments and Crop Projections

As of now, the total export commitments for 2024/25 have accumulated to 45.069 million metric tons, representing a 14% increase compared to last year. This total equates to 91% of the USDA’s export forecast for the marketing year, aligning with the average sales pace.

Recent evaluations from the Rosario Grains Exchange revealed a reduction in Argentina’s soybean crop projection by 1 million metric tons, bringing it down to 46.5 million metric tons. Conversely, the Brazilian crop estimate was increased by CONAB by 1.36 million metric tons, now standing at 167.37 million metric tons.

Current Soybean Prices

March 25 Soybeans: Closed at $9.96 3/4, an increase of 9 1/4 cents. Current value is unchanged.

Nearby Cash: Priced at $9.48 1/2, up 10 1/2 cents.

May 25 Soybeans: Closed at $10.10 3/4, up 10 1/4 cents, currently falling by ¾ cent.

November 25 Soybeans: Closed at $10.11 3/4, an increase of 5 1/4 cents, currently up 1 1/4 cents.

New Crop Cash: Priced at $9.47 1/4, up 5 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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