Soybean Market Faces Decline Amid Mixed Futures and Export Reports

The soybean market struggled on Wednesday, witnessing losses ranging from 4 ½ to 19 ¼ cents. CmdtyView’s national front month Cash Bean price decreased by 7 1/12 cents, settling at $9.39. Although soymeal futures increased by 70 cents to $1.30 per ton, Soy Oil futures exerted downward pressure, declining another 95 to 156 points.

This morning, the USDA reported a private export sale of 202,000 MT of soybeans to China for the 2024/25 marketing year, alongside another 226,200 MT sold to an unidentified buyer during the same reporting period.

Upcoming Export Sales and Projections

The weekly Export Sales report is anticipated on Thursday morning, with trade estimates predicting soybean sales to range between 1 to 1.6 MMT for 2024/25, and 0 to 100,000 MT for 2025/26 during the week of November 14. Meal sales are estimated to be between 210,000 and 490,000 MT, while bean oil bookings are expected to range from 5,000 to 35,000 MT.

China’s Import Activity

In October, China imported a total of 8.09 MMT of soybeans, importing 5.53 MMT from Brazil and 541,434 MT from the United States—more than double last year’s figures.

Closing Prices for January and March Soybeans

Jan 25 Soybeans closed at $9.90 1/2, down 8 cents.

Nearby Cash was reported at $9.39, a decrease of 7 1/2 cents.

Mar 25 Soybeans finished at $9.99 1/4, down 9 1/4 cents.

Jul 25 Soybeans closed at $10.25 1/4, lowering by 8 1/4 cents.

On the date of publication, Austin Schroeder did not hold any positions in the securities mentioned in this article. All information and data are provided solely for informational purposes. For more 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.