Soybean Futures Experience Midday Gains Amidst Market Fluctuations
Latest Updates on Pricing and Export Issues
Soybean futures are showing gains of 11 to 14 cents in Chicago as midday approaches on Thursday. In comparison, Wednesday’s session closed with nearby contracts dropping by 9 to 12 cents, while November contracts finished just 3 cents lower. Additionally, preliminary soybean open interest decreased by 4,827 contracts, primarily affecting March contracts. CmdtyView’s national front month cash bean price has declined by 11 3/4 cents to settle at $9.94 ¼. Meanwhile, soymeal futures are rising between $2.10 and $2.60 per ton at this time. Soy oil futures are recovering from yesterday’s decline, climbing up 60 to 70 points.
In Brazil, basis bids are trending lower due to challenges in unloading at Chinese ports. The Brazilian agriculture ministry has acknowledged issues with pesticides and insects in some recently rejected cargoes. However, they assert that these problems are isolated to five companies and will not significantly affect overall exports to China.
The release of Weekly Export Sales data has been postponed to Friday due to the upcoming Monday holiday.
S&P Global has projected that U.S. soybean planted acreage for 2025 will reach 83.3 million acres, a decrease compared to 87.050 million acres in 2024.
Mar 25 Soybeans are trading at $10.71, an increase of 15 cents.
Nearby Cash is priced at $10.10 1/4, also up 15 cents.
May 25 Soybeans show a price of $10.83, gaining 14 3/4 cents.
Nov 25 Soybeans are currently at $10.58 1/2, up 11 3/4 cents.
New Crop Cash stands at $9.94 1/4, up 12 1/4 cents.
On the date of publication, Alan Brugler did not hold (either directly or indirectly) any positions in the securities mentioned in this article. All information and data in this article are provided 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 the views of Nasdaq, Inc.
