Soybeans Falling on Friday After Early Morning Strength, Meal Pressure
Soybeans are falling at midday with contracts down 3 to 5 cents on Friday after seeing some gains early on. The average close for November soybean futures during October was $10.03, indicating the fall insurance price. That is $1.52 below the February base insurance price. CmdtyView’s national front month Cash Bean price is down 1 1/2 cents at $9.29 1/2. Soymeal futures are down $5/ton in the Dec contract. Soy Oil futures are up another 81 points so far on the day.
USDA reported private export sales of 198,000 MT of soybeans to unknown destinations and 132,000 MT of soybeans to China for 2024/25 delivery this morning. Another 30,000 MT of bean oil was reported as sold to India.
The recent uptick in export sales has taken soybean commitments (shipped and unshipped) to 26.266 MMT, up 13% from last year. That is also 52% of the USDA export projection, 6 percentage points behind the five-year average pace. Shipments are now 20% of that forecast, vs. the 19% average shipping pace.
September crush data will be released this afternoon by USDA, with analysts surveyed ahead of the report expecting to see 187.4 mbu of soybeans used during the month. Soy oil stocks are estimated at 15.39 billion lbs.
Brazil’s soybean crop is estimated at 166.2 MMT according to StoneX’s latest estimate, a 1.17 MMT increase from their previous estimate.
Nov 24 Soybeans are at $9.78 3/4, down 3 3/4 cents,
Nearby Cash is at $9.29 1/2, down 1 1/2 cents,
Jan 25 Soybeans are at $9.89 3/4, down 4 3/4 cents,
May 25 Soybeans are at $10.21 1/4, down 4 3/4 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.