Soybeans Pushing Higher Ahead USDA Reports
Soybeans are starting Friday trade with 5 to 6 cent gains. Futures posted Thursday losses of 6 ¼ to 10 ¼ cents across the board at the close. Open interest suggested longs were backing off on Thursday, down 33,273 contracts. The cmdtyView national average Cash Bean price was down 10 cents at $12.30. Soymeal futures fell back $4.50 to $8.20 lower at the close, with Soy Oil futures 12 to 20 points higher. There were another 108 deliveries against October soybean oil overnight.
The harvest window is a little shorter in the east, with upwards of an inch in parts of IN and OH in the next few days from the remnants of hurricane Isaias. Much of the rest of the country is dry until next Wednesday/Thursday, with a pocket of 1-2 inches in IA, MO, MN, WI, and the Dakotas.
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Weekly Export Sales data from USDA showed just 549,377 MT of soybean sales in the week of 10/1. That was a low for the short marketing year and 40.25% below the same week last year. China was the lead buyer of 382,900 MT, with Mexico in for 139,800 MT and 60,000 MT to Tunisia.
Soy meal sales were tallied at 1.047 MMT, with 861,901 MT carried over from the 2025/26 marketing year. Bean oil sales totaled 9,289 MT, as 8,105 MT was carried over from the 25/26 MT.
Traders polled by Bloomberg estimate the US yield to be raised by 0.1 bpa on Friday in the Crop Production report to 52.9 bpa, with production to up just 3 mbu to 4.538 bbu. US soybean ending stocks are estimated to be down 2 mbu to 308 according to the survey, mainly on the lower 2025/26 carryout.
China’s state-owned Sinograin will auction of another 518,000 MT of imported soybeans on October 13
Nov 26 Soybeans closed at $12.87 1/2, down 10 cents, currently up 5 3/4 cents
Nearby Cash was $12.30 0/1, down 10 cents,
Jan 27 Soybeans closed at $13.04 1/4, down 10 1/4 cents, currently up 5 1/4 cents
Mar 27 Soybeans closed at $13.14, down 10 cents, currently up 5 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.
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