November 2024 soybean futures settled at $10.05½ per bushel on Friday, October 11, down 9¼ cents that session and 32¼ cents over the week. The weekly loss was larger than Friday’s move; the two figures describe different periods.
Where November soybeans closed
Pro Farmer reported that the November 2024 soybean contract settled at $10.05½ per bushel on October 11, 2024. It lost 9¼ cents on Friday and 32¼ cents over the week ending that day. These are historical futures-market figures, not a current price or forecast. Pro Farmer’s October 11 market report gives the close and both changes.
What was happening across the soy complex
Soybean meal and soybean oil are separate contracts, so their quoted prices should not be read as soybean-futures prices. On October 11, December soybean meal closed $1.00 lower at $315.10 and was down $15.40 for the week. December soybean oil fell 43 points to 43.33 cents and was down 64 points week over week, according to Pro Farmer.
Why the market was under pressure that week
Pro Farmer reported that corrective strength in the soy complex was negated after USDA released updated production, supply and demand estimates. The agency’s 2024/25 yield estimate was trimmed by 0.1 bushel per acre from September and production by 4 million bushels, but production was still estimated at a record 4.582 billion bushels.
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Projected ending stocks remained unchanged from September at 550 million bushels. Pro Farmer said residual use was reduced by 2 million bushels while exports and crush were unchanged. Farm Progress reported that the production cut was smaller than the average trade expectation. These were contemporaneous explanations and market context; they do not establish that the USDA update alone caused the entire weekly decline. The estimates are reported in Pro Farmer’s coverage and Farm Progress’s same-day WASDE coverage.
Farm Progress also reported USDA’s 2024/25 season-average soybean farm-price estimate at $10.80 per bushel, unchanged from September. That projected farm price is not the same measure as the November futures contract’s $10.05½ close.
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Harvest and the October 2024 outlook
As of October 6, 2024, U.S. soybean harvest was 47% complete, according to the USDA figure cited by Pro Farmer. In its October 11 outlook, Pro Farmer said traders would continue weighing the USDA data and noted technical pressure. It identified U.S. and South American weather as a focus for the coming month at that time, along with U.S. exports, Chinese stimulus, the November 2024 election and dollar strength.
That outlook was specific to October 2024, not a present-day forecast. Pro Farmer reported that dry Midwest conditions could let harvest proceed and that Brazil was expected to receive needed moisture after hot, dry conditions. It quoted World Weather Inc. as saying: “The forecaster notes greater rainfall in the Oct. 19-25 period will be more helpful in raising topsoil moisture after this week’s sporadic rainfall.”
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- RICH IN PROTEIN & OIL WITH VERSATILE USES: Containing about 18% oil and 38% protein, this soybean variety is perfect for producing high-quality soy bean oil and protein-rich meal. These soybeans can be processed into a wide range of products, including soy milk powder, soy flour, soy protein, tofu, and various industrial non-food products, showcasing its versatility. Ideal for making various soy-based meals such as edamame snacks.
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- HIGH-PROTEIN ANIMAL FEED: The high-protein fiber left after oil extraction is ideal for animal feed, particularly for poultry and swine industries, which consume over half of the processed soybean meal. This meal is also crucial for cattle, other farm animals, and pets, ensuring they receive the necessary nutrients for growth and development. A great addition to feed mixes for cowpeas and other legumes.
- ECONOMIC AND NUTRITIONAL: As the most economically important bean globally, soybeans provide essential vegetable protein for millions and are key ingredients in hundreds of chemical products. A 60-pound bushel of our soybeans seed yields about 11 pounds of crude soybean oil and 47 pounds of soybean meal. Beneficial for producing shelf-stable goods for long-term use.
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- Beautiful - Large full-color packet of Chiba Green Soybean (glycine max) seeds. These useful legumes have deep roots that fix nitrogen to the soil and help the plants survive heat and dry periods. Excellent cover crop and food source for a variety of animals such as deer, cattle, rabbits and chickens. Minimum of 13 g per packet (about 40 seeds).
- Productive - Chiba Green Soybean germinates in 10-14 days when soil temps are 65-75°F. Plant 1” deep and space 4-6” apart in an area with full sun. This variety will grow 1-3’ tall with a spread of 12-16”. Beans will mature in 65-75 days, plant in USDA zones 3-10.
- Good Eats - Harvest when pods are green and enjoy edamame or allow the pods to dry and shell to eat them boiled or steamed.
- Easy to Grow - Instructions included on each packet. Plus, we are available to answer all your questions. If these seeds don’t germinate, we will happily make it right for you.
- Safe and Sustainable - Our operation is fully solar powered, and Sow Right Seeds has taken the Safe Seed Pledge to sell only fresh Non-GMO heirloom seeds for you and your family.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
