Soybean Market Sees Modest Gains Amid Mixed Export Data

The soybean market is experiencing a positive shift on Thursday, with prices rising by 2 to 3 cents during midday trading. The national front month Cash Bean price reported by cmdtyView has increased 3 cents, reaching $9.69 1/4. Meanwhile, Soymeal futures have dropped by $1.40 per ton, while Soy Oil futures have rebounded, gaining 65 points in today’s session.

Export Sales Data Falls Short of Expectations

Weekly Export Sales reports indicate a dip in sales, recording 185,502 metric tons (MT) for the marketing year, marking the second lowest total so far. This figure falls short of analysts’ predictions, which estimated sales between 300,000 and 800,000 MT for old crop soybeans during the week of February 6. Notably, this total is less than half of the previous week’s volume. China emerged as a significant buyer, purchasing 222,000 MT, while Egypt secured 205,200 MT. An unknown destination reported net reductions of 356,200 MT, primarily redirected to the previously mentioned countries. Additionally, there were 24,600 MT in new crop transactions, all going to Japan.

Meal and Oil Sales Show Mixed Results

For the same week ending February 6, meal sales reached 336,736 MT, aligning with expectations that ranged from 200,000 to 625,000 MT. However, bean oil sales recorded a net reduction of 2,843 MT, falling below the estimated range of 0 to 35,000 MT.

South American Production Estimates Revised

In South American news, Brazil’s CONAB has revised its soybean production estimate down by 0.31 MMT, now forecasting a total of 166.01 MMT, compared to the USDA’s projection of 169 MMT. Argentina’s Rosario Grains Exchange has also lowered its crop estimate to 47.5 MMT.

Current Soybean Futures Prices

Mar 25 Soybeans are priced at $10.30 3/4, reflecting an increase of 3 cents.

Nearby Cash stands at $9.69 1/4, also up 3 cents.

May 25 Soybeans are trading at $10.47 3/4, up 2 cents.

Nov 25 Soybeans have reached $10.46 3/4, an increase of 2 3/4 cents.

New Crop Cash is now at $9.83 1/1, gaining 3 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 in this article are provided for informational purposes only. For further details, please view the Barchart Disclosure Policy here.

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