Soybean Futures Show Positive Gains Amid Robust Harvest Progress

Soybeans rose 10 to 12 cents on most contracts on Tuesday, with CmdtyView’s national front month Cash Bean price increasing by 11 ¼ cents, reaching $9.35. In contrast, soymeal futures fell between 20 to 70 cents per ton by the end of the day, while Soy Oil contracts enjoyed gains of 102 to 130 points.

As of October, the average close for November soybean futures stands at $10.12, which is $1.43 less than the February base insurance price.

US Soybean Harvest Surpasses Expectations

According to Monday’s Crop Progress report, the US soybean harvest is now 81% complete as of October 20. This pace is significantly ahead of the 67% average seen over the past five years. Notably, all 18 reporting states are experiencing a harvest rate faster than normal.

Brazilian Exports Projected to Decline

Brazil’s ANEC projects soybean exports to reach 4.63 MMT in October, marking an increase of 0.29 MMT from their previous estimate. However, this figure is a decrease compared to last year’s 5.53 MMT.

Contract Closings

Nov 24 Soybeans closed at $9.91 3/4, an increase of 10 3/4 cents.

Nearby Cash was reported at $9.35, up 11 1/4 cents.

Jan 25 Soybeans closed at $10.00 1/2, also up 10 3/4 cents.

May 25 Soybeans finished at $10.26 3/4, marking an increase of 10 3/4 cents.

On the date of publication, Austin Schroeder did not have any positions, either directly or indirectly, in the securities mentioned in this article. All information and data provided here are solely for informational purposes. For further details, please view the Barchart Disclosure Policy
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The views expressed in this article are the author’s own and do not necessarily reflect those of Nasdaq, Inc.