Soybeans On the Higher Side of Unchanged to Start Friday
The soybean market is trying to end the week on a higher note, with front months fractionally higher and November up 2 cents. Soybeans posted Thursday losses of 1 to 3 cents at the close, as multi-year lows in Meal are adding to the pressure. The cmdtyView national average Cash Bean price was up 1/4 cents at $9.79 1/2. Soymeal futures were another $4.70 to $5.40/ton lower, hitting the lowest prices on the front month chart since 2016. Soy Oil were up 56 to 69 points on the day.
Export Sales data from Thursday morning tallied 402,931 MT of 2024/25 soybeans sold in the week ending on June 19. That was back down from the week prior, but still up 42.4% from the same week in 2024. The Netherlands was the top buyer of 63,400 MT, with Mexico in from 60,600 MT and 60,000 MT sold to Egypt. New crop sales were tallied at 156,153 MT, the third highest in the MY. Mexico was the buyer of 57,200 MT, with 55,000 MT sold to unknown destinations.
Sales for soybean meal were just 93,945 MT for 2024/25 and 166,129 MT for 2025/26, totaling 260,074 MT and on the low side of the expected 100,000 and 650,000 MT. Soybean oil sales were 4,023 MT, on the low side of the estimate of net reductions of 10,000 MT to net sales of 34,000 MT.
Datagro estimates the Brazilian soybean crop at 173.5 MMT, which was a 1.5 MMT increase from the prior numbers.
Jul 25 Soybeans closed at $10.22 3/4, down 2 1/2 cents, currently up 1/2 cent
Nearby Cash was $9.79 1/2, up 1/4 cent,
Aug 25 Soybeans closed at $10.27 3/4, down 1 3/4 cents, currently up 3/4 cent
Nov 25 Soybeans closed at $10.16 1/2, down 2 cents, currently up 2 cents
New Crop Cash was $9.65 1/1, down 1/4 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.