Soybeans Look to Friday Trade After Gains Ahead of Holiday
Soybeans posted firm to 5 ¼ cent higher trade on Wednesday ahead of the day off on Thursday. Things will open back up at 8:30 am CST. CmdtyView’s national front month Cash Bean price up 5 1/4 cents at $9.38 1/4. Soymeal futures were up $2.40 to $4.40/ton on the day. There were 776 delivery notices issued against December soybean meal on first notice day, with 400 issued by the Bunge house account and 300 by a JP Morgan customer. Soy Oil futures were back down 170 to 184 points on the session. There were 0 deliveries against December bean oil.
Weekly Export Sales data will be pushed back to Friday morning due to the Thanksgiving holiday. Estimates ahead of the report are running between 1.5 to 2.5 MMT of 2024/25 soybean sales in the week of 11/21 according to a Reuters survey of analysts, with 0-100,000 MT for 2025/26.
USDA’s monthly crush report will be released on Monday, with the trade looking for crush 210.9 mbu of soybeans during October. Soy oil stocks are seen at 1.52 billion lbs.
Brazilian soybean crop estimates from AgroConsult show 2024/25 production seen at 172.2 MMT, which is up 10.2% from the year prior.
Jan 25 Soybeans closed at $9.88 3/4, up 5 1/4 cents,
Nearby Cash was $9.38 1/4, up 5 1/4 cents,
Mar 25 Soybeans closed at $9.97, up 3 cents,
Jul 25 Soybeans closed at $10.23 1/4, up 1 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.