Soybean Off the Lows at Midday
Soybeans are off the lows on Thursday, with contracts down 1 to 3 ½ cents. CmdtyView’s national front month Cash Bean price was down 10 cents at $9.21 1/2. Soymeal futures are $3.40/ton higher on the day. Soy Oil contracts are up 52 points on the session. The average close for November soybean futures so far in October, which indicates the fall crop insurance price, is $10.21. That is $1.34 below the February base price.
Export Sales data is expected to show soybean sales of between 1 and 2.2 MMT in the week that ended on 10/10 for 2024/25 and 0-50,000 MT for 2025/26. Soybean meal sales are seen between 150,000 and 350,000 MT, with bean oil expected at 0 to 20,000 MT.
International Grains Council raised their world soybean production total by 2 MMT to 421 MMT, with their 2024/25 ending stocks projection increased by 4 MMT to 86 MMT.
Nov 24 Soybeans are at $9.78 1/4, down 1 3/4 cents,
Nearby Cash is at $9.19 1/4, down 1 1/4 cents,
Jan 25 Soybeans are at $9.90 1/2, down 3 1/2 cents,
May 25 Soybeans are at $10.18 1/2, down 3 1/2 cents,
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.