Soybean Prices Surge Following Positive Export Reports
In a turnaround from earlier declines, soybean contracts posted gains between 4 ¾ to 11 ¼ cents, with the nearby contracts leading the way. CmdtyView reported that the national front month Cash Bean price rose by 11 1/2 cents to $9.57 1/4. Meanwhile, the soy products also improved, with soymeal futures increasing by 70 cents to $1.60 per ton, and soybean oil futures climbing back up 8 to 17 points by the close.
The USDA announced several private export sales this morning, revealing that 261,264 MT of soybeans were sold to Mexico, along with 135,000 MT of soybean meal sold to the Philippines and 30,000 MT of soybean oil sent to India, all set for the 2024/25 marketing year.
This week’s Export Inspections report showed that a total of 2.165 MMT (79.55 million bushels) of soybeans were shipped during the week of November 14. Although this figure represents an 8.4% decline compared to the prior week, it marks a 32.7% increase over the same week in 2023. Of the total, 1.39 MMT went to China, along with 143,343 MT to Germany and 100,786 MT to Mexico. Cumulatively, the marketing year shipments have reached 17.48 MMT (642.4 million bushels), reflecting a 9.2% increase from last year and ranking as the second highest total for the first 11 weeks of shipments in the past seven years.
According to AgRural, as of November 14, Brazil’s soybean crop is estimated to be 80% planted, significantly higher than last year’s completion rate of 68%.
Jan 25 Soybeans closed at $10.09 3/4, gaining 11 1/4 cents.
Nearby Cash was at $9.57 1/4, an increase of 11 1/2 cents.
Mar 25 Soybeans ended at $10.19, up 10 1/4 cents.
Jul 25 Soybeans concluded at $10.42 3/4, increasing by 8 1/2 cents.
On the date of publication, Austin Schroeder did not have (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 here.
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