Soybean Mini Jan '23 (XKF23)

Soybeans closed out the Friday session with contracts down 9 to 12 cents across the board. November added to last week’s losses, down another 32 ¼ cents this week. CmdtyView’s national front month Cash Bean price was down 9 cents at $9.43. Soymeal futures were down $1 to $1.70/ton on the day. Soy Oil contracts were down 43 to 46 points on the session.

USDA reported private export sale of 132,000 MT of soybeans to unknown destinations this morning.

Crop Production data pegged a slightly lower US soybean yield this morning at 53.1 bpa, down 0.1 from last month. That trimmed the US production total by 4 mbu to 4.582 billion bushels. NASS did note that while the producers’ surveys came after Hurricane Helene made landfall, “the full impact from the storm may not be reflected until future reports.” With the slight 2 mbu increase to 2023/24 carryover, the 2024/25 US stocks total came out to 550 mbu, unchanged from last month, as the World Ag Outlook Board adjusted residual acc... Read more