Soybean Futures Decline Amid Weak Bean Oil Market

Soybean futures experienced pressure on Friday morning, dropping by 5 to 6 cents due to a weaker bean oil market. However, a late session surge saw nearby contracts increase by 3 to 4 cents. New crop contracts showed mixed results. On Thursday, preliminary open interest rose by 4,564 contracts. The cmdtyView Cash Bean price increased by 3 1/4 cents to $10.05. Soymeal futures rose by $1 to $2.70 per ton, while Soy Oil futures fell by 22 to 54 points.

Due to the Monday holiday, Release of Export Sales data was postponed to today. Analysts anticipate old crop bean sales between 150,000 to 500,000 MT and new crop sales from 0 to 250,000 MT. Expectations for bean meal sales range from 150,000 to 450,000 MT, with bean oil forecasted between 5,000 to 32,000 MT.

The weather forecast indicates drier conditions through Sunday, with potential rain in the Northern Plains early next week, moving east by Wednesday.

As of July 25, Soybeans closed at $10.51 3/4, marking an increase of 3 1/4 cents, but are currently down 5 3/4 cents. Nearby Cash was at $10.05, up 3 1/4 cents. August 25 Soybeans closed at $10.48 1/2, also up 3 1/4 cents, but are currently down 6 1/2 cents.

November 25 Soybeans closed at $10.37 1/4, down 1/4 cent, and are currently down 5 3/4 cents. New Crop Cash was $9.75 1/4, down 1/4 cent.

On the date of publication, Austin Schroeder did not hold any positions in the mentioned securities. All information in this article is for informational purposes. For more information, please view the Barchart Disclosure Policy here.

The views expressed are solely those of the author and do not necessarily reflect those of Nasdaq, Inc.