Soybean Rally Continuing to Start Thursday
Soybean futures are trading this morning with 9 to 10 cent gains. They settled the Wednesday session with contracts posting 9 ¾ to 11 ½ cent gains, as futures were busy fading off the overnight double digit losses. CmdtyView’s national front month Cash Bean price was up 11 3/4 cents at $9.92 1/2. Soymeal futures were $1.30 to $2.50/ton higher across the board. Soy Oil futures were up another 43 to 85 points at the close.
Ahead of this morning’s Export Sales report the trade is estimating to see 0.9 to 2 MMT of 2024/25 soybean sales in the week that ended on September 19. Sales for 2025/26 are seen at 0-50,000 MT. For the products, analysts expect meal sales to total between 100,000 and 550,000 MT between the two marketing years, with bean oil totaling net reductions of 4,000 to 26,000 MT in sales.
Argentina’s soybean crop is estimated to total 52 MMT for 2024/25 according to the Buenos Aires Grain Exchange. That compares to the 51 MMT from USDA.
Nov 24 Soybeans closed at $10.53 1/4, up 11 cents, currently up 9 3/4 cents
Nearby Cash was $9.92 1/2, up 11 3/4 cents,
Jan 25 Soybeans closed at $10.71 3/4, up 11 1/4 cents, currently up 9 3/4 cents
May 25 Soybeans closed at $10.97 1/2, up 11 1/4 cents, currently up 10 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.