Soybean prices showed some strength on Friday, with contracts hovering around the unchanged mark. The national average Cash Bean price rose by half a cent to $10.50 1/2. Meanwhile, Soymeal futures were steady to 50 cents higher, and Soy Oil futures dipped 35 to 42 points.
According to data from the International Grains Council, world soybean production was reduced by 2 million metric tons. Consumption saw a 1 million metric ton increase, leading to a decrease in ending stocks by 2 million metric tons to 77 million metric tons.
The latest report from the Buenos Aires Grains Exchange indicated that soybean planting progress is at 24.6%, a 12% increase from the previous week. However, this still lags behind last year’s progress by 11%.
In terms of specific prices, Jan 26 Soybeans were priced at $11.23, up half a cent, while Nearby Cash was at $10.50 1/2, also up half a cent. Mar 26 Soybeans were at $11.31 3/4, down a quarter of a cent, and May 26 Soybeans stood at $11.40 1/2, down one cent.
It is important to note that the information provided in this article is for informational purposes only. Austin Schroeder, the author, does not hold any positions in the securities mentioned. The original article was published on Barchart.com.
For more insights and updates on the soybean market, you can visit the original article on Barchart.com.
