Soybeans Pull Out Gains on Thursday
Soybeans faced early weakness on Thursday, but bulls fought back to close the day with contracts up 1 ¾ to 8 ¾ cents as Nov was narrowing some spreads. CmdtyView’s national front month Cash Bean price was up 9 1/2 cents at $9.30. Soymeal futures were mixed, with front months up 30 cents to $4.40/ton on the day. Soy Oil contracts were up 30 to 91 points on the session. The average close for November soybean futures so far in October is $10.19. That is $1.36 below the February base insurance 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 closed at $9.88 3/4, up 8 3/4 cents,
Nearby Cash was $9.30, up 9 1/2 cents,
Jan 25 Soybeans closed at $9.98, up 4 cents,
May 25 Soybeans closed at $10.24, up 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.