Soybean Market Shows Small Gains Amid Mixed Export Sales

The soybean market is currently showing steady trading with contracts increasing by up to 4 cents on Thursday. According to CmdtyView, the national front month Cash Bean price has risen by 3 3/4 cents, now at $9.50 1/2. Meanwhile, soymeal futures are experiencing losses of $1 per ton, while Soy Oil futures have gained 38 points today.

Export Sales Insights

The USDA’s Export Sales report released data indicating that soybean sales for the 2024/25 season were just 352,580 MT in the week ending March 13. This figure fell short of the anticipated range of 0.4 to 0.9 MMT and marked a 5-week low, down 28.6% from the same period last year. Within these figures, China purchased 269,900 MT, and Taiwan acquired 60,000 MT. Notably, there were 62,900 MT in reductions for unknown buyers, primarily shifting to China at 266,100 MT. New crop sales were minimal, recorded at only 100 MT, falling below the expected range of 0-50,000 MT.

Soybean Meal and Oil Sales

Soybean meal sales totaled 182,243 MT, landing on the lower end of the trade’s expectation of 140,000 to 470,000 MT. This represents a 3-week low, with a significant portion of 97,500 MT destined for the Philippines. Additionally, bean oil sales reached 34,179 MT, which is in the middle range of the 15,000 to 60,000 MT forecast but still registered as a three-week low. Among these, unknown buyers accounted for 20,000 MT.

Global Production and Stock Projections

According to the International Grains Council, the projection for world ending stocks in 2024/25 is steady at 82 MMT as of Wednesday morning. The preliminary forecast for 2025/26 anticipates a production increase of 9 MMT year-over-year, with stocks expected to reach 83 MMT.

Current Soybean Prices

May 25 Soybeans are trading at $10.12, reflecting a rise of 3 3/4 cents.

Nearby Cash prices sit at $9.50 1/2, also up by 3 3/4 cents.

Jul 25 Soybeans are priced at $10.24 1/4, increasing by 2 3/4 cents.

Nov 25 Soybeans hold at $10.10, unchanged from previous values.

New Crop Cash is at $9.46 1/4, just slightly increased by 1/4 cent.

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 is solely for informational purposes. For more information, please view the Barchart Disclosure Policy.

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