Soybean Market Faces Minor Declines Amid Export News
The soybean market experienced a dip of 5 to 6 cents for most nearby contracts on Tuesday, despite January closing up by 1 ½ cents. CmdtyView reported that the national front month Cash Bean price fell by 6 cents to $9.88. Soymeal futures declined by 30 cents per ton, while Soy Oil futures gained 16 to 26 points during the session. Overnight, 112 deliveries were recorded against January soybeans, along with 6 deliveries for January meal and 59 for bean oil.
Positive Signs from Exports
In a notable development, the USDA announced a new export sale of 198,000 metric tons of soybeans to China for shipment in the 2024/25 season. This news highlights ongoing demand for U.S. soybeans, which remains crucial for market stability.
Upcoming NOPA Crush Report
The market is eagerly anticipating Wednesday’s NOPA crush report for December, which is expected to show a total of 205.498 million bushels (mbu) of soybean crushed. This figure would represent an increase of 6.4% compared to November and 5.2% compared to the same month last year.
Brazil’s Crop Remains Robust
Meanwhile, Brazil’s soybean crop is projected at 166.32 million metric tons (MMT) by CONAB, marking a slight increase of 0.11 MMT from the previous month. The forecasts for January soybean exports from Brazil stand at 2.19 MMT, up by 0.48 MMT from earlier estimates according to ANCE.
Market Prices Overview
Jan 25 Soybeans closed at $10.43, up 1 1/2 cents.
Nearby Cash was recorded at $9.88, down 6 cents.
Mar 25 Soybeans closed at $10.47 1/2, down 5 1/2 cents.
Jul 25 Soybeans closed at $10.72 1/2, down 5 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 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.
