Beans Drop on Wednesday

Soybeans fell by double digits with 1% to 1.8% losses on Wednesday. March and May finished with more than 20c losses, though March held at the $12 mark for the day’s lows. Soymeal futures led the way lower with 2.8% to 3.3% losses. March meal held over Friday’s low – which itself was the lowest print since July ’22. Soy oil futures closed 32 to 45 points higher on the day. 

Weekly Export Inspections for soybeans were reported at 1.264 MMT, up from last week but well below the 2.192 MMT a year ago for the same week. YTD shipments total 940 million bushels, lagging year ago by 21.1%. 

The European Commission reported soybean imports reached 6.3 MMT through 1/14. That is 100k MT ahead of last year’s pace. Rapeseed imports were up to 3.03 MMT, trailing 4.24 MMT last year. 

NOPA members reported 195.3 mbu of soybeans were processed in December. That was a new all time high from NOPA members, and was up 10% from last year. Having two more crush plants in operation helps. Estimates were to see 193.1 mbu. Soybean oil stocks grew to 1.36b lbs. 

AgRural reported Brazil’s soybean harvest at 2.3% complete as of 1/11. That compared to 0.6% at the same time last year. That group dropped their expected Brazilian crop to 150 MMT. CONAB is at 155.3 MMT. Safras and Mercado reported soy harvest at 2.1% finished, with Patria Agronegocios reporting 2.4% complete. 

Private analyst firm Capeco anticipates Paraguay’s first crop bean harvest at 9.5 MMT – citing El Nino rain patterns. 

Mar 24 Soybeans  closed at $12.05 3/4, down 21 1/2 cents,

Nearby Cash   was $11.49 1/1, down 21 3/8 cents,

May 24 Soybeans  closed at $12.18 1/4, down 20 1/4 cents,

Jul 24 Soybeans  closed at $12.28 1/4, down 18 1/2 cents,