Soybean futures are showing early Friday gains, extending Thursday's significant increases, driven by rising open interest and robust export sales totaling 870,533 MT for the week ending September 25. The market is closely monitoring upcoming USDA reports, including a backlog of daily sales and Crop Production data, with a Reuters survey anticipating a 0.4 bpa drop in soybean yield and a 35 mbu decrease in output, potentially impacting ending stock projections.
Soybean futures demonstrated strong performance, with near-month contracts gaining 10 to 13.25 cents on Thursday and extending 1-2 cent gains into Friday morning. This upward trend is underpinned by a significant 16,783 contract increase in open interest, signaling fresh buying activity. The cmdtyView national average Cash Bean price also rose by 12.75 cents to $10.73, reflecting broader market strength. Robust export demand is a key driver, with 870,533 metric tons of soybeans sold for the week ending September 25. Soymeal futures also saw gains of $2.50 to $7.40 in nearby contracts, although Soy Oil futures experienced a slight decline of 30-37 points. The market is also processing complex soybean meal sales, which included 623,515 MT for 2025/26 but also 216,215 MT in cancellations for the recently concluded 2024/25 season. The supply outlook presents a mixed picture, with a Reuters survey anticipating a 0.4 bushel per acre drop in soybean yield to 53.1 bpa and a 35 million bushel decrease in total output to 4.266 billion bushels. Despite this, ending stocks via the monthly WASDE report are projected to increase slightly to 304 million bushels from September's 300 million bushels. Investors are keenly awaiting the release of backlogged USDA daily sales and Crop Production data, which are expected to provide further clarity on supply-demand dynamics.
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Overall Sentiment
moderately positive
Sentiment Score
0.45
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