Soybean Nov '24 (ZSX24)
Soybean Futures Market News and Commentary
Soybeans posted gains of 20 to 28 ½ cents across most contracts at the Wednesday close, with meal gaining some steam. The cmdtyView national average Cash Bean price was up 28 1/2 cents at $12.30 3/4. Soymeal futures were $5.90 to $10.10 higher on the day, with Soy Oil back down 4 to 30 points in the front months and up 3 to 26 points in the deferreds.
USDA reported a private export sale of 333,000 MT of soybeans to China this morning for 2026/27.
The weekly Export Sales report will be released on Thursday morning, with traders looking for a range of 200,000 MT in net cancellations to net sales of 200,000 MT in old crop beans for 2025/26 during the week of 8/20. New crop sales are seen at 1.5-3 MMT, as over 1.7 MMT was announced in daily sales last week. Soy meal sales are seen in a range of 200,000 to 800,000 MT for both this marketing year and next. Bean oil business is expected to come in between net cancellations of 2,000 to net sales of 17,000 MT.
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