Soybeans are putting on a rally at Friday’s midday, with contracts up 20 to 25 ½ cents in the front months. CmdtyView’s national front month Cash Bean price is back up 25 1/4 cents at $10.05. Soymeal is the real reason for the rally, with futures up $18.80/ton for the October contract. Soy Oil futures are down 64 points.
Remnants of once Hurricane Helene in parts of the Southeast will help to replenish lower water levels on the Mississippi river as the US gears up for a peak soybean shipping season.
USDA will release their quarterly Grain Stocks report on Monday, with a Reuters survey of analysts expecting to see 351 mbu of soybeans in storage as of September 1. That would be well above last year and 11 mbu above the September WASDE projection.
USDA reported a private export sale of 20,000 MT of soybean oil to South Korea via their daily reporting system this morning. Thursday’s Export Sales report showed 2024/25 soybean export sale commitments at 17.567 MMT, slightly below last year and a 5-year low. That is also 35% of the USDA export projection and behind the 44% average sales pace.
Nov 24 Soybeans are at $10.66 1/2, up 25 1/2 cents,
Nearby Cash is at $10.05, up 25 1/4 cents,
Jan 25 Soybeans are at $10.84, up 24 3/4 cents,
May 25 Soybeans are at $11.08 1/4, up 22 1/2 cents,
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