Soybeans Revert Lower into Thursday’s Close
Soybean bulls put on a midday push but failed to hold the pop off the lows into the close, as contracts were down 6 ½ to 10 cents. CmdtyView’s national front month Cash Bean price was down 10 cents at $9.83. Soymeal was down $7-$8.50/ton across most contracts. Soy Oil futures were up 84 to 97 points on the day.
This morning’s Export Sales report tallied a total of 1.44 MMT of soybeans sold in the week of 9/26, which was a 3-week low, but still 78.5% larger than the same week last year. That was on the higher end of the trade’s estimates of 1-1.6 MMT in bookings for 2024/25. China was the lead buyer of 725,700 MT, with Bangladesh next in line at 166,000 MT.
Soybean meal sales were tallied at net reductions of 40,720 MT for the 2023/24 sales, with 228,563 MT sold for 2024/25. Bean oil sales were pegged at 477 MT for 23/24, with 24/25 sales at 30,838 MT.
Nov 24 Soybeans closed at $10.46, down 10 cents,
Nearby Cash was $9.83, down 10 cents,
Jan 25 Soybeans closed at $10.64 1/2, down 9 3/4 cents,
May 25 Soybeans closed at $10.93 1/2, down 8 3/4 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.