Soybean futures are experiencing upward momentum on Friday, with contracts rising by 3 to 4 cents after a mixed performance earlier in the week. Despite closing lower on Thursday, open interest saw a significant increase of 11,395 contracts. The cmdtyView national average cash bean price dipped to $11.23 1/4, while soy oil futures gained traction, climbing by up to 105 points.
The USDA’s weekly Export Sales report revealed a disappointing 258,066 MT in sales for the 2025/26 marketing year, marking a 30.47% decline from the same week last year. China emerged as the leading buyer, with notable sales also recorded to Egypt and Indonesia. Meanwhile, soybean oil usage for biodiesel hit a seven-month high, accounting for 44.34% of overall feedstock, indicating strong underlying demand in the renewable energy sector.
Market participants should monitor these developments closely, as the combination of export trends and rising biodiesel usage could influence future price dynamics in the soybean complex.
Source: nasdaq.com