Soybean Prices Surge on Meal Rally Amid Varied Weather Conditions

Market Update: Soybean Gains Supported by Strong Meal Performance

Soybean prices are experiencing a boost, trading 10 to 15 cents higher on Thursday. The meal market’s strong performance contributes to this increase. CmdtyView reports that the national front month Cash Bean price has risen by 11 1/2 cents, bringing it to $9.35 1/2. Meanwhile, soymeal futures show a notable increase of $11.80 per ton at midday. However, soy oil futures are down by 44 points today.

Weather Outlook: Mixed Conditions in South America

Next week’s weather forecast indicates normal rains across much of Brazil, but the southern regions, along with Argentina, are facing some dry spells. The initial week of January is expected to see continued dryness in these areas, prompting meal specifications to adjust in response to the changing weather patterns.

Upcoming Reports and Export Data

The weekly Export Sales report is set to be released on Friday, delayed due to the holiday. Additionally, Stats Canada has reported the November canola crush data at 1.019 MMT, reflecting a 12.2% increase from the previous year. For December, Brazilian soybean exports are forecasted at 1.62 MMT, consistent with last week’s estimates according to ANEC.

Current Soybean Prices

Jan 25 Soybeans are priced at $9.86 1/2, an increase of 11 1/4 cents.

Nearby Cash stands at $9.35 1/2, up 11 1/2 cents.

Mar 25 Soybeans are trading at $9.95, gaining 13 3/4 cents.

Jul 25 Soybeans reflect a price of $10.15 1/2, up 14 1/4 cents.

On the date of publication, Austin Schroeder did not hold (either directly or indirectly) any positions in the mentioned securities. All information and data in this article are provided for informational purposes only. For further details, please refer to the Barchart Disclosure Policy
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The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Nasdaq, Inc.