Soybeans are being held back by losses in bean meal at midday, with contracts off the lows but still down 1 to 4 cents. CmdtyView’s national front month Cash Bean price is down 3 1/4 cent at $9.91 1/4. Soymeal is pulling back on Wednesday, with contracts down $5.60 to $8.60/ton in the nearbys. Soy Oil futures are down 53 points on the day.
USDA’s monthly Fats & Oils report indicated a total of 167.54 mbu of soybean crushed during August. That was a 13.31% drop from July and a 0.85% decline from August 2023. The full marketing year crush total 2.287 bbu, compared to the 2.295 bbu estimated from WAOB earlier this month.
StoneX estimates the Brazilian soybean crop at 165.03 MMT for 2024/25, steady with the previous estimate. On the US side, they increased the soybean yield by 0.5 bpa to 53.5 bpa, with production expected at 4.613 bbu and 38 mbu above the prior number.
Nov 24 Soybeans are at $10.54 1/4, down 3 cents,
Nearby Cash is at $9.91 1/2, down 3 1/4 cents,
Jan 25 Soybeans are at $10.72 1/2, down 3 cents,
May 25 Soybeans are at $11.01, down 1 3/4 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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