Soybeans Easing Lower on Friday AM Trade

Soybeans are posting Friday AM losses limited to just 1 to 2 cents. Futures saw 10 to 13 cent gains across most contracts on Thursday. Open interest was down 4,071 contracts, mostly in the November contract. November options expire today. The cmdtyView national average Cash Bean price was 10 3/4 cents higher at $9.75 1/4. Soymeal futures were up 30 cents to $2.30 on the day, with some back months lower. Soy Oil was 55 to 80 points higher, supported by $3.25 gains in crude oil.

November soybeans have averaged $10.20 in October as part of the harvest price crop discovery. That is still 17 cents above the harvest price last year but down 34 cents from the February base price. Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis.

Following US sanctions on Russian crude oil firms on Wednesday, reports suggested that China oil buyers are potentially suspending purchases of Russian oil. While they are likely trying to avoid the sanctions, this may have larger signals ahead of the expected Trump/Xi meeting next week. Secretary Bessent and Chinese counterparts are expected to meet this weekend in Malaysia for trade talks ahead of the expected meeting between Trump and Xi at the end of the month.

World soybean output was trimmed by 1 MMT to 428 MMT according to International Grains Council data. Consumption was down 1 MMT, with trade up 2 MMT, as stocks were down 4 MMT to 79 MMT. Old crop carryover was down 4 MMT.

Nov 25 Soybeans closed at $10.44 3/4, up 10 cents, currently down 1 1/2 cents

Nearby Cash was $9.75 1/4, up 10 3/4 cents,

Jan 26 Soybeans closed at $10.62, up 12 cents, currently down 1 cent

Mar 26 Soybeans closed at $10.75 1/4, up 12 1/4 cents, currently down 1 cent 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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