Soybean Market Sustains Gains Amid Mixed Reports

Market Overview and Shipments

The soybean market started the week positively, with contracts rising between 1¾ to 3½ cents on Monday. CmdtyView reported a national front month Cash Bean price increase of 2 cents to reach $9.35. Soymeal futures also gained, climbing by $2.50 to $4.50 per ton. In contrast, Soy Oil futures declined, losing between 40 to 56 points during the session.

Export Data Highlights

According to FGIS data, soybean shipments totaled 2.102 MMT (77.24 mbu) for the week ending November 21, marking a 7.3% decrease from the previous week. However, this figure represents a significant 33.5% increase compared to the same week last year. Most of the shipments were directed to China, totaling 1.23 MMT, while Mexico received 205,727 MT. Cumulatively, the marketing year’s total has reached 19.388 MMT (723.4 mbu), the highest since the 2020/21 season and up 12% from last year’s comparable period.

Brazil’s Planting Progress

As of Thursday, Brazil’s soybean crop planting stands at 86%, which is a notable increase from 74% during the same timeframe last year. Looking ahead, weather forecasts predict a drier pattern that could impact critical agricultural regions in Brazil.

Current Soybean Prices

Jan 25 Soybeans closed at $9.85 3/4, reflecting an increase of 2 1/4 cents.

Nearby Cash was reported at $9.35, up 2 cents.

Mar 25 Soybeans closed at $9.94 1/4, marking an increase of 2 cents.

Jul 25 Soybeans ended at $10.20 1/4, also up by 2 cents.

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

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