Soybeans Rebound as Market Turbulence Subdues

Price Movements and Export Sales Highlights

Soybeans initially struggled on Thursday, but buyers made a comeback, driving prices up between 1 ¾ to 8 ¾ cents. The November soybean futures managed to narrow some spreads, closing at $9.88 ¾. CmdtyView reported a national front month Cash Bean price increase of 9 ½ cents, bringing it to $9.30. Mixed results were observed in soymeal futures, with the front months’ prices rising by 30 cents, reaching $4.40 per ton. Soy Oil contracts saw gains ranging from 30 to 91 points during the session. In October thus far, the average closing price for November soybean futures stands at $10.19, which is $1.36 lower than the February base insurance price.

Forecasts for Export Sales

Expectations for upcoming Export Sales data indicate soybean sales between 1 and 2.2 million metric tons (MMT) for the week ending on October 10 for 2024/25, and between 0 and 50,000 MT for 2025/26. Sales of soybean meal are projected to range from 150,000 to 350,000 MT, while bean oil sales are estimated between 0 to 20,000 MT.

Global Production Updates

The International Grains Council has raised its world soybean production estimate by 2 MMT to a total of 421 MMT. Additionally, they have increased the projected ending stocks for 2024/25 by 4 MMT, now estimated at 86 MMT.

Closing Prices

Nov 24 Soybeans closed at $9.88 ¾, up 8 ¾ cents.

Nearby Cash was at $9.30, up 9 ½ cents.

Jan 25 Soybeans closed at $9.98, up 4 cents.

May 25 Soybeans closed at $10.24, up 2 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 in this article are 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.