Soybean futures saw gains of 13 to 15 cents across most contracts on Monday, with November 25 Soybeans closing at $11.16. Despite these gains, the cmdtyView national average Cash Bean price fell by 12 3/4 cents to $10.56 3/4. Export activity remains a concern, with USDA reporting shipments of 1.089 million metric tons for the week ending November 6, marking a 10.5% increase from the previous week but a significant 53.9% decline year-over-year.
The current export landscape highlights a notable absence of Chinese demand, which has allowed U.S. offers to rise above Brazilian prices. Meanwhile, Brazil’s soybean planting is lagging behind last year’s pace, currently at 61% complete. This divergence in planting progress and export performance could have implications for U.S. market positioning in the global soybean trade.
Market professionals should monitor the ongoing export trends closely, as the lack of Chinese purchases could further impact U.S. prices and competitiveness in the coming months.
Source: nasdaq.com