Soybean Prices Surge as Friday Morning Trading Gains Momentum

Published On: December 20, 2024 2:13 pm

Soybean Markets Show Gains Amid Strong Demand

The soybean market experienced early gains on Friday, rising by 8 to 9 cents. After Wednesday’s losses, soybean contracts rebounded, closing higher by 4 ¾ to 13 ½ cents, with nearby contracts leading the way. On Thursday, preliminary open interest decreased by 20,489 contracts, predominantly from January, which saw a reduction of 25,584 contracts. CmdtyView reported that the national front month Cash Bean price increased by 11 cents, now at $9.12. Soymeal futures climbed between $3.10 and $4.90 per ton, while soy oil futures saw increases of 17 to 49 points.

USDA Reports Positive Export Numbers for Soybeans

In the USDA Export Sales report released Thursday morning, soybean bookings for the 2024/25 marketing year reached 1.424 million metric tons (MMT). This figure fell squarely in the analysts’ estimate range of 0.825 to 2 MMT for the week ending December 12. Although this reflects a 21.3% increase from the previous week, it marks the third-lowest total of the marketing year. The largest purchaser was China, buying 648,200 MT, while an additional 374,500 MT was sold to unspecified destinations.

Meal and Oil Sales Show Mixed Results

In terms of meal sales, the total reached 261,586 MT, aligning with expectations of 150,000-400,000 MT and representing a notable 48.4% increase from the prior week. Conversely, bean oil sales were disappointing at just 6,307 MT, landing at the lower end of the projected 5,000 to 75,000 MT range, marking a nine-week low.

Latest Market Prices

As of January 25, the closing prices for soybeans were as follows:

January 25 Soybeans closed at $9.63, up 11 ¼ cents, and are currently up 8 ¼ cents.
Nearby Cash was $9.12, up 11 cents.
March 25 Soybeans closed at $9.66 ½, up 13 ¼ cents, with a current increase of 8 ½ cents.
July 25 Soybeans closed at $9.85, up 13 ½ cents, currently rising by 9 cents.

At the time 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 are for informational purposes only. For more details, please refer to the Barchart Disclosure Policy
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The views and opinions expressed herein are those of the author and do not necessarily reflect the opinions of Nasdaq, Inc.