Current Trends in Soybean Markets

Soybean Price Movements

Soybean prices are showing an upward trend today, with nearby contracts increasing by 7 to 8 cents. Meanwhile, soymeal futures have experienced a slight downturn, decreasing by 50 cents per ton in the September contract. On a more positive note, soy oil is gaining traction, seeing an increase of 96 points during the midday trading hours.

Export Sales Highlights

The USDA has reported a significant private export sale of 120,000 metric tons of soybeans for the 2024/25 season to unidentified destinations. This sale contributes to a robust weekly total of flash sales, reaching 1.384 million metric tons across all destinations.

According to the latest Export Sales data, U.S. soybean export commitments for the 2023/24 cycle stand at 45.895 million metric tons as of mid-August. This figure represents a 14% decrease compared to the previous year and accounts for 99% of the USDA’s export projections, which is slightly below the five-year average of 104%. Notably, new crop sales, apart from this week’s totals, have reached 7.54 million metric tons. While this figure exceeds the quantities seen during the trade war period of 2019/20, it still lags behind historical values for this time of year.

Insights from ProFarmer’s Crop Tour

ProFarmer conducted its annual crop tour, revealing that soybean pod counts in Minnesota reached 1,036.59 pods per 3×3 foot square. This figure surpasses last year’s count of 985 pods and aligns closely with the three-year average of 1,037 pods. In Iowa, pod counts were reported at 1,312.31 bushels per acre (bpa), up from last year’s count of 1,190.41 bpa and the three-year average of 1,194.21 bpa. These findings suggest a promising outlook for soybean yields in both regions.

Market Pricing Overview

As for the current soybean pricing, the September 2024 contract is trading at $9.48½, an increase of 7¼ cents. Nearby cash prices are reflecting this upward momentum, with the current rate at $9.26¾, also up by 7¼ cents. The November 2024 soybean contract is priced at $9.69½, increasing by 8 cents, while the March 2025 soybean contract stands at $10.03, up by 7¾ cents. For new crop cash prices, there has been a rise to $9.12⅞, gaining 7½ cents.

Current soybean market trends indicate a blend of slight declines in soymeal and promising growth in soy oil and soybean contracts. Analyzing factors such as export sales and pod counts provides valuable insights into the overall health and future potential of the soybean market.