Soybean Markets Show Strength Amid Positive Harvest Reports
Key Figures and Harvest Progress
Soybean contracts rose by 2 ½ to 11 cents during Monday’s trading session, with nearby contracts leading the movement. According to CmdtyView, the national front month cash bean price increased by 11 1/4 cents, reaching $9.24 1/2. Soymeal futures also saw a gain of 20 cents, priced at $270 per ton for front months, though deferred contracts trended lower. Additionally, soy oil contracts climbed between 51 to 58 points.
Harvest Completion Surpasses Previous Years
Data from Monday’s Crop Progress report indicated that as of October 20, the U.S. soybean harvest is now 81% complete. This figure is significant, exceeding the 67% average completion rate observed over the past five years.
Export Sales and Shipments Overview
The USDA also announced private export sales of 116,000 MT of soybeans to unspecified destinations this morning, bringing the total to 264,000 MT during the reporting period. Weekly export inspections revealed that 2.43 MMT (89.42 million bushels) of soybeans were shipped in the week ending October 17. This figure marks a 7.4% decline from last year, but represents a 27.6% increase compared to the previous week. Notably, of this total, 1.687 MMT was sent to China, with 159,130 MT bound for Mexico and 122,783 MT destined for Egypt. Marketing year shipments now total 7.896 MMT (290.14 million bushels), showing a 2.9% decrease from the same week last year.
Brazil’s Planting Progress
In Brazil, the soybean crop is reportedly 18% planted as of last Thursday, according to AgRural. This pace is slower compared to last year’s 30% at the same time.
Closing Prices
November 2024 Soybeans closed at $9.81, up 11 cents.
Nearby Cash was $9.24 1/2, up 11 1/4 cents.
January 2025 Soybeans closed at $9.89 3/4, up 7 cents.
May 2025 Soybeans closed at $10.16, up 5 cents.
On the date of publication, Austin Schroeder did not hold positions in any of the securities mentioned in this article. All information and data in this article is provided solely for informational purposes. For more 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.
