Soybeans Test Waters Below $10

Soybean futures are falling on Thursday, despite a better than expected Export Sales report. September futures are below $10 at midday, with 7 cent losses at $9.98 ¼. The rest of the board is 2 to 6 cents lower. Pressure on Thursday continues to come from the Soymeal, down $3.00/ton in the Sep contract. Soy Oil futures are trying to be supportive, with September up 20 points.

This morning’s Export Sales report pegged 325,423 MT of 2023/24 soybean sales in the week that ended on August 1. That was still above the top end of the 300,000 MT estimate, as China purchased 134,500 MT. New crop sales totaled 985,206 MT, above the 400,000 to 900,000 MT trade range of estimates. China was the lead buyer of 400,000 MT, with another 245,200 MT sold to unknown. 

Bean meal sales were at 102,343 MT for the current marketing year, with 256,532 MT sold for the next marketing year. Soybean oil bookings were a total of 10,884 MT for the 2023/24 marketing year, with net reductions of 8,223 MT for 2024/25. 

The NASS Crop Production report on Monday is expected to show soybean yield at 52.5 bpa, a 0.5 bpa increase from the previous month’s WASDE. Production is seen 35 mbu higher to 4.470 according to a Reuters survey, as harvested acres are estimated to drop nearly 150,000 acres. 

Aug 24 Soybeans  are at $10.15, down 5 1/4 cents,

Nearby Cash  is at $9.86 1/2, down 5 1/4 cents,

Nov 24 Soybeans  are at $10.14 3/4, down 4 cents,

Jan 25 Soybeans  are at $10.32, down 2 3/4 cents,

New Crop Cash  is at $9.58 7/8, down 4 1/4 cents,