Soybean Futures Surge on Export Report
Markets React to USDA Sales Data and Increased Cash Prices
Soybean prices are experiencing gains of 9 to 12 cents this Thursday, as futures recover. CmdtyView reports the national front month Cash Bean price has risen by 9 cents to $9.10 ¼. Soymeal futures have climbed by $5.30 per ton, while Soy Oil futures are up 43 points during today’s session.
This morning, the USDA announced a private export sale of 227,200 metric tons (MT) to unspecified destinations, which includes 152,200 MT designated for the 2024/25 marketing year and 75,000 MT for 2025/26.
Looking at the USDA’s latest Export Sales report, soybean bookings for the 2024/25 marketing year hit 1.424 million metric tons, falling within the trade range estimated by analysts of 0.825 to 2 million MT for the week ending December 12. This marks a 21.3% increase from the previous week, although it remains the third-lowest figure for the marketing year so far. China was the largest buyer, purchasing 648,200 MT, while 374,500 MT were sold to unknown destinations.
Meal sales for the reported week totaled 261,586 MT, fitting comfortably within the expected range of 150,000 to 400,000 MT and reflecting a significant increase of 48.4% from the last week. In contrast, bean oil sales were at 6,307 MT, landing at the lower end of the estimations ranging from 5,000 to 75,000 MT, which marks a nine-week low.
Jan 25 Soybeans are currently priced at $9.61, up 9 1/4 cents.
Nearby Cash stands at $9.10 1/4, up 9 cents.
Mar 25 Soybeans are trading at $9.64 1/2, up 11 1/4 cents.
Jul 25 Soybeans reach $9.83, up 11 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
