Soybeans are trading with Thursday morning gains of 7 to 10 cents so far. They settled Wednesday with contracts firm to 5 ¾ cents higher across the board. Preliminary open interest showed net new buying across most contracts, up 16,317 contracts cross all but the November contract, which was another exodus of 21,481 contracts ahead of Friday’s options expiration. CmdtyView’s national front month Cash Bean price was up 6 1/4 cents at $9.41 ¼. Soymeal futures were up 30 cents $2.70/ton. Soy Oil contracts were 6 to 30 points lower on the day.
The average close for November soybean futures so far in October is $10.11. That is $1.44 below the February base insurance price.
The weekly Export Sales report from USDA will be published this morning, with a trade range of expectations looking for 1.2 to 2.4 MMT in 2024/25 soybean sales during the week of 10/17, with 0 to 100,000 MT in the 2025/26 marketing year. Meal sales are estimated to be 150,000 to 400,000 MT in total, with bean oil bookings sought in a range of 0 to 50,000 MT.
Nov 24 Soybeans closed at $9.97 1/2, up 5 3/4 cents, currently up 9 3/4 cents
Nearby Cash was $9.41 1/4, up 6 1/4 cents,
Jan 25 Soybeans closed at $10.05, up 4 1/2 cents, currently up 8 cents
May 25 Soybeans closed at $10.29, up 2 1/4 cents, currently up 7 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.
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