The soybean market is getting off to a stronger start on Friday, up 6 to 9 cent across the front months. Soybeans finished off the Thursday session with gains across most contracts, up 1 to 2 ¼ cents. Preliminary open interest showed a rotation of ownership, up just 21 contracts. The national front month Cash Bean price from cmdtyView was 2 ¼ cents higher at $9.69 1/2. Soymeal futures closed down $1.40/ton, with Soy Oil futures back up 59 points so far on the session. The markets will be closed on Monday for President’s Day, with a normal open for the Tuesday session.
NOPA data will be released this coming Tuesday, with traders looking for the report to show 204.54 MMT in January crush, up 10.1% from the January 2024 total if realized. Soy oil stocks are seen at 1.289 billion lbs.
The weekly Export Sales report showed bean sales at the second lowest for the MY of 185,502 MT. That brought the full year sales, including both shipped and unshipped, to 43.256 MMT. That is 87% of USDA’s export projection, matching the normal pace of sales. There was also 24,600 MT in new crop business, all to Japan.
CONAB’s Brazilian soybean production estimated from Thursday morning was trimmed by 0.31 MMT to 166.01 MMT vs. the USDA at 169 MMT.
Mar 25 Soybeans closed at $10.30, up 2 1/4 cents, currently up 8 1/2 cents
Nearby Cash was $9.69 1/2, up 2 1/2 cents,
May 25 Soybeans closed at $10.47, up 1 1/4 cents, currently up 7 1/2 cents
Nov 25 Soybeans closed at $10.45 1/4, up 1 1/4 cents, currently up 6 1/4 cents
New Crop Cash was $9.81, up 1 1/4 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.
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