Soybean Market Remains Steady Despite Export Updates

Contracts for soybeans fell slightly at midday, even with new export sales reported this morning.

Current Market Overview

Soybean prices are currently down by 9 to 10 cents, with CmdtyView recording a national front month cash bean price at $9.37 1/2. Soymeal futures have dipped $3.60 per ton. Additionally, 126 deliveries were issued against December soybean meal overnight, while soy oil futures decreased by 6 points with 122 delivery notices against December bean oil futures.

Export Sales and Shipments

This morning, the USDA announced a private export sale of 200,000 metric tons of soybeans for the 2024/25 season to unknown destinations. Looking at the total export sales data, shipments reached 23.487 million metric tons, which is a 22% increase from last year and the highest in four years. This accounts for 47% of USDA’s full year estimate of 1.825 billion bushels, surpassing the typical 43% pace. Commitments for beans stand at 37.284 million metric tons, showing a 12% increase from last year and matching 75% of the USDA projection, aligning with normal trends.

Upcoming Data Releases

NOPA data is expected to be released on Monday. Analysts are forecasting that 196.713 million bushels of soybeans were crushed in November, with stocks estimated at 1.123 billion pounds.

Current Pricing Snapshot

Jan 25 Soybeans are priced at $9.86 3/4, down 9 cents.

Nearby Cash stands at $9.37 1/2, down 9 cents.

Mar 25 Soybeans are trading at $9.93 3/4, down 9 1/2 cents.

Jul 25 Soybeans are at $10.14 3/4, down 9 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 provided are solely for informational purposes. For further details, 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.