Soybeans are trading with 2 to 3 cents in the red so far in early Friday trade. The soybean market posted Thursday gains of as little as fractionally in the new crop contracts to 5 cents in some nearbys. Preliminary open interest was up 14,050 contracts on Thursday, mainly in the front couple contracts. CmdtyView’s national front month Cash Bean price was up 5 1/2 cents at $9.52. Soymeal futures posted losses of 60 cents to $1.60/ton, as Soy Oil futures were up 35 to 39 points on the day.
USDA’s Export Sales report showed just 352,580 MT in 2024/25 soybean sales during the week of March 13, a 5- week low and down 28.6% from last year. China was the buyer of 269,900 MT, with Taiwan purchasing 60,000 MT. There was 62,900 MT in reductions for unknown, mostly switched to China (266,100 MT). New crop sales were just 100 MT in that week.
Soybean export commitments to date are 45.422 MMT, which is 13% above the same period last year. That is also 91% of USDA’s soybean export forecast, compared to the 5-year average sales pace of 92% of that projection by now.Â
Soybean meal totaled just 182,243 MT, a 3-week low as 97,500 MT was headed to the Philippines. Bean oil sales were at 34,179 MT, still a 3-week low, with unknown buying 20,000 MT.Â
International Grains Council data showed the 2024/25 world ending stocks projection steady at 82 MMT on Wednesday morning. The initial 2025/26 projection shows a 9 MMT increase in production yr/yr, with stocks seen at 83 MMT.Â
Buenos Aires Grains Exchange data from Thursday showed a 1 MMT reduction to the Argentina soybean crop at 48.6 MMT. They reported the crop at 29% excellent, up 5% from last week, as the poor rating was down 6%.Â
May 25 Soybeans  closed at $10.13, up 4 3/4 cents, currently down 2 cents
Nearby Cash  was $9.52, up 5 1/2 cents,Â
Jul 25 Soybeans  closed at $10.25 1/4, up 3 3/4 cents, currently down 1 3/4 cents
Nov 25 Soybeans  closed at $10.10 1/4, up 1/4 cent, currently down 2 1/2 cents
New Crop Cash  was $9.46 1/4, up 1/4 cent,
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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