Soybean Futures Face Midday Setbacks Amid Market Uncertainty
Export Sales Struggling as Prices Dip
As of midday Thursday, soybean futures are down by 12 to 15 cents, struggling to respond positively to export activities. Uncertainty regarding potential cabinet appointments under President Trump, including key roles such as the USDA Secretary and the US Trade Representative, is contributing to the market’s volatility. CmdtyView reports that the national front month Cash Bean price has declined by 14 cents to $9.41 ¾. Soymeal futures have also dropped by $3.30 per ton, while Soy Oil futures are losing 66 points by midday.
Export Reports and Estimates
The USDA announced a private export sale of 176,000 metric tons of soybeans today, designated for unknown destinations for the 2024/25 marketing year. As we approach Friday morning’s Weekly Export Sales data release, expectations are set for soybean sales between 1 to 2.2 million metric tons for 2024/25 and 0 to 100,000 metric tons for 2025/26. Meal sales are projected to range from 175,000 to 540,000 metric tons.
Brazilian Production and Market Records
This morning, CONAB released data indicating a slight increase of 0.09 million metric tons in Brazil’s soybean production estimate, bringing it to 166.14 million metric tons. Additionally, the historical NOPA data release on Friday is anticipated to show an October crush among members estimated at 196.84 million bushels. If this figure is confirmed, it would mark a new all-time high. Bean oil stocks are expected to be around 1.09 billion pounds as of October 31.
Current Soybean Prices
Nov 24 Soybeans are trading at $9.90 1/4, down 14 cents.
Nearby Cash prices are at $9.41 3/4, also down 14 cents.
Jan 25 Soybeans are listed at $9.93 1/2, reflecting a drop of 14 1/4 cents.
May 25 Soybeans are at $10.18 3/4, down 12 3/4 cents.
On the date of publication, Austin Schroeder did not hold any direct or indirect positions in the securities mentioned in this article. All information and data provided are intended for informational purposes only. For further details, please refer to the Barchart Disclosure Policy here.
The views and opinions expressed herein belong to the author and do not necessarily reflect those of Nasdaq, Inc.
