Soybean Market Experiences Mild Decline Amidst Strong Export Data
The soybean market opened lower on Wednesday, with contracts dropping by 2 to 4 cents. However, there was a slight recovery as contracts finished the day with fractional to 2-cent losses. Preliminary open interest indicated a shift in ownership, increasing by 822 contracts. CmdtyView reported the national front month Cash Bean price down by ½ cent, settling at $9.41 ½. In contrast, soymeal futures decreased by $2.70, falling to $3.30 per ton, while soy oil futures increased by 80 to 96 points during the session. Overnight, there were no deliveries against January soybeans, but 127 were issued for January meal and 89 for January bean oil.
November Export Figures Highlight Strong Performance
Recent export figures released for November revealed soybean shipments reached 9.876 MMT (362.88 mbu), marking a three-year high for the month. This surge brought the first quarter total to 819 mbu, representing the largest single month of exports since October 2022. Additionally, soybean meal exports set a record at 1.55 MMT for November, while bean oil shipments hit their highest level since April 2022 at 58,510 MT.
Weather Patterns: Rain Expected in Southern Brazil
Looking ahead, precipitation is anticipated to return to Southern Brazil in the next 8-14 days, while Argentina may experience some sporadic showers.
Current Soybean Prices
As of now, the market reflects the following prices:
- Jan 25 Soybeans closed at $9.92 ¼, down ¼ cent, currently up 1 ¾ cents
- Nearby Cash was at $9.41 ½, down ½ cent
- Mar 25 Soybeans closed at $9.97 ¼, down ½ cent, currently down 2 ¾ cents
- Jul 25 Soybeans closed at $10.19, down 1 ½ cents, currently down 2 ¾ 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 are solely for informational purposes. For further information, please view the Barchart Disclosure Policy
here.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
