Soybean Prices Surge as Export Sales Increase
Soybean Futures See Gains Following Positive Sales Report
Soybean prices gained momentum as the day progressed, with contracts rising between 16 to 22 ¾ cents. CmdtyView’s national cash bean price increased by 23 ½ cents, reaching $9.71. Soymeal futures also showed resilience, settling up by 10 cents to $1.60/ton. In contrast, Soy Oil futures experienced a rise, climbing by 184 to 204 points throughout the day.
The Export Sales report released Thursday morning revealed soybean bookings of 2.04 MMT for the week ending 10/31. This number sits at the higher end of the estimated range of 1.2 to 2.2 MMT, although it represents a 3-week low. Notably, this figure is 88.7% greater than during the same week last year. China led the purchases with 1.223 MMT, followed by unknown destinations at 152,100 MT.
In the same week, meal sales amounted to 398,608 MT, aligning with the higher end of projections between 150,000 MT and 560,000 MT. Highly impressive was the bean oil sales, which hit 114,311 MT, surpassing the expected range of 0 to 60,000 MT and marking the highest weekly sales since November 2012.
The USDA’s annual baseline forecast projects that soybean planted acreage for the 2025/26 period will reach 85 million acres, a decrease from this year’s 87.1 million acres.
Looking at international trade, Brazil’s soybean exports in October totaled 4.71 MMT, falling short of 5.6 MMT from the previous year. Additionally, China’s import data indicated an impressive 8.09 MMT of soybeans imported in October, the highest for that month in four years. This figure pushed China’s year-to-date imports to 89.94 MMT, reflecting an increase of 11.2% year-over-year.
Nov 24 Soybeans closed at $10.15 1/2, up 21 cents,
Nearby Cash was $9.71, up 23 1/2 cents,
Jan 25 Soybeans closed at $10.26 1/4, up 22 1/2 cents,
May 25 Soybeans closed at $10.50 3/4, up 21 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 is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
