Soybean futures are experiencing upward momentum, trading 2 to 4.5 cents higher on Friday morning, following gains of up to 5.5 cents in the previous session. The cmdtyView national average cash bean price increased to $11.00 1/4, while soymeal and soy oil futures also saw notable rises. Preliminary open interest rose by 6,257 contracts, indicating growing trader interest.
The latest export sales data revealed a total of 668,901 MT for the 2025/26 marketing year, the highest in five weeks, though down 15.42% year-over-year. Notably, China was the largest buyer, purchasing 263,000 MT. Meal sales surged to 507,601 MT, surpassing expectations and signaling robust demand, while bean oil sales remained stable within estimated ranges.
Traders should keep an eye on the upcoming NASS March Intentions data, which is expected to show an increase in soybean planting acreage, potentially impacting supply dynamics and price trends in the coming months.
Source: nasdaq.com