Soybean Prices Rise Amid Positive Export Sales and Crop Updates

Soybean prices showed midday gains of 8 to 12 cents on Thursday. CmdtyView’s national front month cash bean price increased by 12 1/4 cents, reaching $9.49 1/4. While soybean meal futures declined by $1.70 to $2.50 per ton on Wednesday, soybean oil futures dropped between 19 to 26 points. Notably, 40 deliveries were issued for March soybean futures overnight, all recorded by the Bunge house account. In addition, there were 102 deliveries for March soybean meal, also by the Bunge house account, along with 34 soybean oil deliveries. Meanwhile, union workers at soybean processing plants in Argentina initiated a strike overnight, disregarding a government directive to remain on the job.

The USDA’s Export Sales report released this morning indicated soybean bookings surpassed trade estimates of 275,000 to 700,000 metric tons (MT), totaling 751,651 MT for the 2024/25 sales season. This figure represents a seven-week high and is significantly higher compared to the same week last year. China emerged as the leading buyer, purchasing 208,300 MT, most of which was transferred from the ‘unknown’ category. Indonesia followed with a purchase of 151,800 MT. For the new crop, sales stood at 43,144 MT, exceeding the estimates that ranged from 0 to 100,000 MT.

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On the other hand, soybean meal sales dipped to 186,361 MT, falling short of the projected range of 190,000 to 410,000 MT. Soybean oil sales were reported at 68,512 MT, fitting within the estimates of 40,000 to 85,000 MT.

The Rosario Grains Exchange has revised its soybean crop forecast for Argentina, cutting it by 1 MT to 46.5 MT. Conversely, CONAB has increased Brazil’s soybean crop estimate by 1.36 MT to 167.37 MT.

March 25 Soybeans: $9.99 1/4, up 11 3/4 cents

Nearby Cash: $9.49 1/4, up 12 1/4 cents

May 25 Soybeans: $10.12 3/4, up 12 1/4 cents

November 25 Soybeans: $10.15, up 8 1/2 cents

New Crop Cash: $9.50, up 8 cents

On the date of publication, Austin Schroeder did not hold any positions, either directly or indirectly, in the securities mentioned in this article. All information and data herein is for informational purposes only. For more details, please view the Barchart Disclosure Policy here.

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