Soybean Market Overview: Recent Trends and Export Insights
Soybeans saw a decrease from the Thursday highs, with contracts mostly declining by 1 ¾ cents. The November contracts closed down by 1 ¼ cents, bringing the average close for November soybean futures in October to $10.10. This figure is $1.45 below the February base insurance price. Additionally, CmdtyView reported the national front month Cash Bean price down 1 ¼ cents, settling at $9.40. Soymeal futures decreased by $0.10 to $4.60 per ton, while Soy Oil contracts experienced gains of 63 to 94 points.
This morning, the USDA announced a private export sale of 198,000 metric tons (MT) of soybeans for the 2024/25 season to undisclosed destinations.
According to the weekly Export Sales report from USDA, 2.15 million metric tons of 2024/25 bookings were recorded for the week ending October 17. This figure aligns with the high end of trade expectations, ranging from 1.2 to 2.4 million MT, representing a significant increase of 58.8% compared to the same period last year. China emerged as the primary buyer with 1.29 million MT, followed by Mexico, which purchased 208,100 MT.
In terms of meal sales, the total reached 159,901 MT, falling on the lower end of the estimated range of 150,000 to 400,000 MT, marking a 36.4% decrease from the previous week. Additionally, bean oil bookings were reported at 28,975 MT, landing in the middle of the 0 to 50,000 MT estimates.
Nov 24 Soybeans closed at $9.96 1/4, down 1 1/4 cents.
Nearby Cash stood at $9.40, down 1 1/4 cents.
Jan 25 Soybeans closed at $10.05, unchanged.
May 25 Soybeans closed at $10.30 1/4, up 1 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 are solely for informational purposes. For more information, please view the Barchart Disclosure Policy
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
