Soybean futures opened Monday with gains of 1 to 5 cents, despite closing lower on Friday. Contracts saw a decrease of 5 3/4 to 8 ¼ cents, with preliminary open interest indicating a net new selling increase of 5,369 contracts. The January contract ended the previous week with a loss of 5 ½ cents, while CmdtyView reported the national front month Cash Bean price down 7 1/2 cents at $9.39 3/4. Soymeal futures fell by $2.40 to $3.60 per ton.
The USDA announced a private sale of 200,000 MT of soybeans for the 2024/25 season. Total export shipments reached 23.487 MMT, 22% higher than last year and the highest in four years, accounting for 47% of the USDA’s annual estimate of 1.825 billion bushels. Bean commitments are currently at 37.284 MMT, which is 12% above last year and represents 75% of the USDA projection.
As of Monday, the Buenos Aires Grain Exchange reported that 64.7% of the Argentine soybean crop is planted, while AgRural projected Brazil’s soybean crop at 171.5 MMT. The NOPA report expected soybeans crushed in November to be around 196.713 million bushels, with stocks estimated at 1.123 billion pounds.
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