Soybeans Close with Fractional Losses
Soybean futures rounded out the Thursday session with a bout of weakness, as contracts were fractionally lower across the front months. CmdtyView’s national front month Cash Bean price was down 3/4 cent at $9.51 1/4. Soymeal futures were mixed, with nearbys up 20 cents to $2/ton and deferreds down 50 cents to $2. Soy Oil futures were up 25 to 76 points on the day.
USDA’s weekly Export Sales report showed 1.748 MMT in soybean sales during the week of 9/12, exceeding the trade’s 0.5 and 1.6 MMT estimates. That was above the previous week and well above the same week last year. The largest buyer was China, with 973,900 MT in purchases, with Mexico the next in line buying 166,700 MT.
Soymeal sales were seen at net reductions of 2,901 MT for the 2023/24 MY, with 283,048 MT reported for 2024/25. Both of those were in the middles of trade estimates. Bean oil sales totaled a massive 46,699 MT for the current MY, with 252 MT for the 2024/25 marketing year.
International Grains Council data was released this morning, showing expected world soybean production unchanged at 419 MMT. They also left the world bean carryover at 82 MMT.
Nov 24 Soybeans closed at $10.13 1/4, down 3/4 cent,
Nearby Cash was $9.51 1/4, down 3/4 cent,
Jan 25 Soybeans closed at $10.31 1/4, down 3/4 cent,
May 25 Soybeans closed at $10.59 1/4, down 1/2 cent,
On the date of publication, Austin Schroeder did not have (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 here.