Soybean Market Trends: Mixed Performance Amid Trade Deal Updates

Market Snapshot: Slight Gains in Soybean Prices

The soybean market saw a rise of 3 to 4 cents for most front months on Thursday. According to CmdtyView, the national front month Cash Bean price increased by 3 1/2 cents, reaching $9.99 3/4. Meanwhile, soymeal futures declined by $1.40 to $2 per ton, while soy oil futures rose by 31 points.

Trade Deal Insights Influence Market Movement

This morning, during his Senate confirmation hearing, the USTR nominee announced plans to review the Phase One trade deal with China and expressed readiness to enforce it. As a result, futures prices rebounded from their earlier lows.

USDA Export Sales Report: Key Figures

The USDA’s Export Sales report revealed a total of 387,718 metric tons (MT) of soybean sales for the week ending January 30. This figure marks a four-week low and falls within the lower range of the estimated 0.3-1.1 million metric tons for the 2024/25 period. Notably, sales decreased by 11.5% compared to the previous week but surged by 87.9% compared to the same week last year. Major buyers included China, purchasing 208,700 MT, and the Netherlands, which took 125,200 MT. There were net reductions of 262,800 MT, likely indicating switched destinations.

Meal and Oil Sales Show Divergent Results

In the week of January 30, meal sales reached 530,553 MT, hitting the high end of the estimates between 200,000 MT and 550,000 MT, marking a marketing year high. Soybean oil sales amounted to 2,188 MT during this period, falling between the estimates of net cancellations at 15,000 MT and sales of 30,000 MT.

Argentina’s Crop Ratings Decline

The Buenos Aires Grains Exchange reported that the Argentina soybean crop currently stands at 17% rated as excellent, reflecting a decline of 3% from the previous week. Normal ratings dipped by 1% to 51%, while poor ratings rose by 4% to 32%.

Current Soybean Prices Summary

Mar 25 Soybeans closed at $10.60 1/2, an increase of 3 1/2 cents.

Nearby Cash was $9.99 3/4, also up 3 1/2 cents.

May 25 Soybeans closed at $10.75 3/4, gaining 3 1/2 cents.

Nov 25 Soybeans closed at $10.66, rising 3 1/2 cents.

New Crop Cash was $10.02 3/4, up 3 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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