Soybeans are posting midday price action of 10 to 13 cents higher on Wednesday. The average close for November soybean futures so far in October is $10.05. That is $1.50 below the February base insurance price. CmdtyView’s national front month Cash Bean price is up 10 3/4 cents at $9.23 ¾. Soymeal futures steady so far at midday. Soy Oil futures are back up 116 points on the day.
USDA reported private export sales of 132,000 MT to China, with another 132,000 MT to unknown destinations this morning, both for 2024/25.
The weekly Export Sales report will be released on Thursday, with traders expecting to see 1.6 to 2.8 MMT in 2024/25 bookings in the week of 10/24. Analysts also estimate 2025/26 sales at 0 to 150,000 MT. Soybean meal sales are expected to be in a range of 100,000 to 400,000 MT in total, with bean oil in a range of 0 to 45,000 MT.
Nov 24 Soybeans are at $9.76, up 10 3/4 cents,
Nearby Cash is at $9.23 3/4, up 10 3/4 cents,
Jan 25 Soybeans are at $9.91 1/2, up 12 1/2 cents,
May 25 Soybeans are at $10.21 1/4, up 11 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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