Soybeans Get a Midweek Bounce
Soybeans closed out the Wednesday session with contracts up 7 ½ to 12 ¼ cents across the board. First notice day for November soybean futures is on Thursday. The average close for November soybean futures throughout October has been $10.04. That is $1.51 below the February base insurance price. CmdtyView’s national front month Cash Bean price was up 12 cents at $9.24. Soymeal futures were mixed, with contracts anywhere within 20 cents of unchanged. Soy Oil futures were up 83 to 101 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 closed at $9.76 1/2, up 11 1/4 cents,
Nearby Cash was $9.24, up 12 cents,
Jan 25 Soybeans closed at $9.91 1/4, up 12 1/4 cents,
May 25 Soybeans closed 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.