Soybean prices are experiencing a modest increase of 3 to 4 cents in the nearby contracts during Thursday morning trading. On Wednesday, the futures market showed some volatility, with contracts fluctuating but ultimately closing steady to slightly higher. Notably, preliminary open interest fell by 10,590 contracts, primarily in November, which saw a significant drop of 18,472 contracts. According to the cmdtyView national average, the Cash Bean price rose by 1/4 cent, reaching $9.32 3/4. Additionally, Soymeal futures increased by $1.10 to $1.60 at the close, while Soy Oil saw a rise of 23 to 28 points in the nearby contracts.
Recent data from NOPA revealed that 197.86 million bushels of soybeans were crushed in September, significantly surpassing the estimate of 186.34 million bushels. This figure represents a 4.24% increase from August and is 11.59% larger than last year’s record for September. Furthermore, soybean oil stocks were reported at 1.24 billion pounds, which is 0.17% lower than the end of August but still 16.6% higher than the previous year.
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Export Sales data is set to be delayed due to the government shutdown, with the release scheduled for Friday. Traders are anticipating soybean sales between 0.4 and 1.4 million metric tons (MMT) for the week of October 9. In addition, bean meal sales are expected to range from 150,000 to 400,000 metric tons, while soy oil sales are projected to be between 5,000 and 30,000 metric tons.
Nov 25 Soybeans closed at $10.06 1/2, remaining unchanged, and are currently up 3 3/4 cents.
Nearby Cash was reported at $9.32 3/4, up 1/4 cent.
Jan 26 Soybeans closed at $10.24 1/4, unchanged, and are currently up 4 cents.
Mar 26 Soybeans closed at $10.39 3/4, up 1/4 cent, and are currently up 4 cents.
On the date of publication,
Austin Schroeder
did not hold (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are solely for informational purposes.
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