Soybeans Slipping on Friday AM Trade
Soybeans are trading with Friday morning losses of 2 to 4 cents. They faded off the Thursday strength, with contracts closing mostly firm to 1 ¾ cents, as Nov was down 1 ¼ cents. The average close for November soybean futures so far in October is $10.10. That is $1.45 below the February base insurance price. CmdtyView’s national front month Cash Bean price was down 1 1/4 cents at $9.40. Soymeal futures were down a dime to $4.60/ton. Soy Oil contracts were up 63 to 94 points on the day.
USDA reported a private export sale of 198,000 MT of 2024/25 soybeans to unknown destinations on Thursday morning.
The weekly Export Sales report from USDA yesterday morning showed 2.15 MMT of 2024/25 bookings in the week of 10/17. That on the high end of the trade range of expectations for 1.2 to 2.4 MMT, a MY high for sales, and 58.8% above the same point last year. China was the lead buyer of 1.29 MMT, with Mexico buying 208,100 MT.
Meal sales came in at 159,901 MT, which was on the low end of the estimated range of 150,000 to 400,000 MT and down 36.4% from last week. Bean oil bookings were in the middle of the 0 to 50,000 MT estimates at 28,975 MT.
Nov 24 Soybeans closed at $9.96 1/4, down 1 1/4 cents, currently down 4 cents
Nearby Cash was $9.40, down 1 1/4 cents,
Jan 25 Soybeans closed at $10.05, unch, currently down 3 cents
May 25 Soybeans closed at $10.30 1/4, up 1 1/4 cents, currently down 2 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.