Soybean Market Experiences Declines: Key Data Insights
Futures Prices Dip While Harvest Progress Surges
Soybean futures fell by 4 ½ to 11 cents on Wednesday. The national front month Cash Bean price, as reported by CmdtyView, decreased by 10 cents to $9.21 1/2. In contrast, soymeal futures showed some stability, closing up to $1.90 per ton higher for the day. Conversely, Soy Oil contracts experienced declines, dropping by 44 to 77 points. Notably, the average closing price for November soybean futures in October stands at $10.21, which is $1.34 lower than the February base price.
Export Activity Shows Promise Amid Price Adjustments
This morning, the USDA announced a private export sale of 175,000 MT of soybeans to an undisclosed destination, adding a silver lining to the market’s current challenges.
Harvest Progress Exceeds Expectations
The delayed Crop Progress report from NASS indicated that the U.S. soybean harvest is 67% complete as of Sunday, significantly ahead by 16% compared to the five-year average. While Louisiana is lagging behind its typical pace, all other major soybean-producing states, except Nebraska (which is up 8%), have reported harvests that are more than 10% ahead of usual timelines.
Current Pricing Snapshot
Nov 24 Soybeans closed at $9.80, down 11 cents.
Nearby Cash stood at $9.21 1/2, down 10 cents.
Jan 25 Soybeans settled at $9.94, down 9 1/2 cents.
May 25 Soybeans ended at $10.22, down 8 1/2 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 for informational purposes only. For more details, please refer to the Barchart Disclosure Policy
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