Soybean Market Shows Modest Gains Amid Anticipation of USDA Report

Commodity Prices Steady Despite Recent Decline

The soybean market is recovering from a weak overnight performance, with contracts rising between 1 to 4 cents as midday approaches on Friday. CmdtyView’s national front month Cash Bean price is now at $9.83 1/4, an increase of 3 cents. However, soymeal futures have decreased by $1.40 per ton, while Soy Oil futures have dropped 10 points in nearby contracts.

Looking ahead, the USDA will release its monthly Fats & Oils report on Monday. Analysts expect a total of 217.6 million bushels of soybeans to have been crushed in December, with soy oil stocks projected at 1.734 billion pounds.

The latest Export Sales data from the USDA indicates that there were 438,002 metric tons of 2024/25 soybean bookings reported for the week ending January 23. This brings total export sale commitments to 86% of USDA’s forecast, surpassing the 84% average seen historically.

Meanwhile, the Buenos Aires Grains Exchange has reported that only 20% of the Argentina corn crop is rated as excellent, a decline of 2% from previous reports, while the crop is now classified as poor for 28% of the area.

Mar 25 Soybeans are trading at $10.47 3/4, up 3 3/4 cents.

Nearby Cash prices sit at $9.83 1/4, a gain of 3 cents.

May 25 Soybeans are at $10.62 3/4, increasing by 3 cents.

Nov 25 Soybeans are priced at $10.54 1/2, rising 1 cent.

New Crop Cash is at $9.90, 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 in this article is solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.

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