Soybean Futures Steady as USDA Stays the Course

USDA Reports Minimal Changes in Balance Sheets for November

Soybean futures experienced a modest increase during Tuesday’s session, as the USDA made few adjustments to U.S. and global balance sheets. Contracts rose between 3 ¾ to 5 ¼ cents by the close of trading. CmdtyView reported a national front month Cash Bean price increase of 4 ½ cents, settling at $9.46. Meanwhile, soymeal futures saw gains of $1.70 to $2.70 per ton, although soy oil futures fell by 5 to 12 points.

This month, the USDA opted for a cautious approach, leaving the U.S. soybean balance sheet unchanged. However, they did revise the cash average price down by 60 cents to $10.20. On a global scale, the estimated carryout rose slightly by 0.13 MMT to 131.87 MMT, with Brazilian production remaining at 169 MMT, and Argentina’s output increasing by 1 MMT to 52 MMT.

Brazil’s December soybean exports are now expected to reach 1.57 MMT, a 0.33 MMT rise from earlier estimates by ANEC. China’s soybean imports for November were recorded at 7.15 MMT, bringing the total for the calendar year to 97.09 MMT, reflecting a robust 9.4% increase compared to last year.

Jan 25 Soybeans closed at $9.94 3/4, up 4 3/4 cents.

Nearby Cash was $9.46, up 4 1/2 cents.

Mar 25 Soybeans closed at $10.00 1/4, up 4 3/4 cents.

Jul 25 Soybeans closed at $10.20 1/2, up 3 3/4 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 more information, please view the Barchart Disclosure Policy
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