Soybean Market Faces Downturn Amid Strong Export Sales

Midday Market Update

Soybeans are experiencing a downturn at midday on Monday, with contracts slipping by 8 to 9 cents. CmdtyView’s national front month Cash Bean price has decreased by 8 1/4 cents, settling at $9.31. Soymeal futures show a decline of $3.10 per ton. A total of 394 deliveries were made against December soybean meal, all of which were halted by a customer from Citigroup Global. Meanwhile, Soy Oil futures have dropped 45 points today, with no deliveries against December bean oil recorded.

Notable Export Activity

The USDA has reported a private export sale of 134,000 metric tons of soybeans to China for the 2024/25 marketing year.

Shipping Insights for November

Export Inspections data reveals that 2.088 million metric tons (76.73 million bushels) of soybeans were shipped during the week of November 28. This figure marks a significant 78% increase from the previous week but is down 1.4% from last week. China was the largest destination, receiving 952,095 metric tons, while Italy took in 548,461 metric tons. Cumulatively, soybean shipments for the marketing year have reached 21.793 million metric tons (800.74 million bushels), reflecting a 16.2% increase compared to the same period last year, setting a four-year high for year-to-date totals.

Upcoming Reports and Projections

The USDA’s monthly crush report is expected later today, with trade analysts estimating that October soybean crush will be around 210.9 million bushels. Soy oil stock levels are projected to be at 1.52 billion pounds.

Brazil’s Planting Progress

AgRural estimated that as of Thursday, 91% of the Brazilian soybean crop has been planted, a faster pace compared to 85% in the same week last year.

Current Soybean Prices

Jan 25 Soybeans are priced at $9.80 1/2, down 9 cents.

Nearby Cash is at $9.31, down 8 1/4 cents.

Mar 25 Soybeans are at $9.87, down 9 cents.

Jul 25 Soybeans are at $10.12 1/2, down 8 cents.

On the date of publication, Austin Schroeder did not hold (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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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.