Soybean Futures Surge as 2024 Closes: Key Financial Insights
Soybean Contracts Rise on New Year’s Eve
Soybeans experienced a strong rally to wrap up 2024, with contracts increasing by 14 1/2 to 19 1/4 cents as the year came to a close. On First Notice Day (FND), 109 deliveries were issued against January soybean futures. CmdtyView noted the national front month Cash Bean price rose 17 cents, reaching $9.49 1/2. Soymeal futures also saw gains of $4.60 to $5.40 per ton, with 1,116 deliveries reported for January bean meal. Additionally, Soy Oil futures increased by 6 to 14 points, with 425 deliveries against January bean oil occurring overnight, primarily from a JP Morgan customer.
Market Schedule and Expectations
The market will remain closed on Wednesday, resuming trading with a hard opening at 8:30 am CST on Thursday. Due to the holiday schedule, the weekly Export Sales report will now be available on Friday morning. Analysts are anticipating the monthly Fats & Oils report on Thursday afternoon will show that 207.2 million bushels of soybeans were crushed in November, with soy oil stocks estimated at 1.478 billion pounds at the end of that month.
Promising Biofuel Data
Monthly EIA data revealed that 1.227 billion gallons of bean oil were used for biofuel production in October, marking the highest usage since June and the third highest of all time.
Closing Prices for Soybean Futures
Jan 25 Soybeans closed at $9.98 1/4, up 16 1/4 cents.
Nearby Cash was at $9.49 1/2, up 17 cents.
Mar 25 Soybeans finished at $10.10 1/2, climbing 18 3/4 cents.
Jul 25 Soybeans ended at $10.34 3/4, rising by 19 cents.
On the date of publication, Austin Schroeder did not hold (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data provided here are for informational purposes only. For more details, please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Nasdaq, Inc.
