Soybean Market Experiences Minor Losses Despite Strong Export Data
Soybean prices took a hit on Friday, losing between 1 to 5 cents per bushel, even though recent export announcements and sales figures were strong. CmdtyView reported the national front month Cash Bean price increased by 5 1/4 cents, reaching $9.38 1/4. In contrast, soymeal futures declined by $2.40 per ton. Notably, there were 776 delivery notices given for December soybean meal on the first notice day — with 400 from Bunge and 300 from a JP Morgan customer. Meanwhile, Soy Oil futures rose by 49 points, but there were no deliveries reported against December bean oil.
This morning, the USDA announced a private export sale of 840,000 MT of soybeans to unspecified destinations for the 2024/25 season, along with an additional 151,700 MT sold during the reporting period to unknown buyers.
The latest Weekly Export Sales data from the USDA showed bean sales for the 2024/25 marketing year reached a record high of 2.49 MMT, aligning with the forecast range of 1.5 to 2.5 MMT for the week ending November 21. China led the purchases with 1.087 MMT, while Mexico and Germany bought 229,000 MT and 202,000 MT respectively. Additionally, 18,000 MT were sold for the 2025/26 season to unidentified destinations.
In terms of meal sales, the total reached 487,325 MT, marking a record high and representing a 77.3% increase from the previous week. Soybean oil sales also peaked at the highest level since December 2010, totaling 124,792 MT.
The USDA will publish its monthly crush report on Monday, with market expectations around 210.9 million bushels of soybeans crushed for October. Current projections suggest soy oil stocks at 1.52 billion pounds.
Looking ahead, the next week appears to be drier than usual across much of central and western Brazil, although the southern regions may experience more rainfall. According to AgroConsult, Brazilian soybean crop estimates for the 2024/25 season forecast production at 172.2 MMT, representing a 10.2% increase from the previous year.
Jan 25 Soybeans are priced at $9.87 3/4, down 1 cent.
Nearby Cash is at $9.37 1/4, down 1 cent.
Mar 25 Soybeans are at $9.94 1/4, down 2 3/4 cents.
Jul 25 Soybeans are at $10.18 1/4, down 5 cents.
At the time this article was published, Austin Schroeder did not have any positions, either directly or indirectly, in the securities mentioned. All information and data are provided solely for informational purposes. For further details, please refer to the Barchart Disclosure Policy.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
