Soybeans Heading Lower on Friday, with Product Pressure
Soybeans are trading with Friday midday losses of 7 to 10 cents as the trade looks to round out the week. November soybean options expire today. 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 9 ¾ cents at $9.30 ½. Soymeal futures are down $4.60/ton. Soy Oil contracts are 38 points lower so far on the day.
USDA reported a private export sale of 116,000 MT of 2024/25 soybeans to China this morning.
The weekly Export Sales report from USDA showed 2.15 MMT of 2024/25 bookings in the week of 10/17. That brough the marketing year total to 23.993 MMT, which is 48% of the USDA export forecast. The 5-year average pace is to be 56% sold by this time.
Nov 24 Soybeans are at $9.86 1/4, down 10 cents,
Nearby Cash is at $9.30 1/2, down 9 3/4 cents,
Jan 25 Soybeans are at $9.96 1/2, down 8 1/2 cents,
May 25 Soybeans are at $10.23 1/4, down 7 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.