Soybeans are trading with 11 to 12 cent losses across the nearbys to start Thursday. They ended the Wednesday session with mixed trade, as front months were steady to 1 ¼ cents lower and deferreds up ½ to 1 ½ cents. CmdtyView’s national front month Cash Bean price was down 1 1/2 cents at $9.93. Soymeal added some pressure to things, as contracts were down $1.20 to $8.60/ton across the board. Soy Oil futures were up 48 to 81 points on the day.
Ahead of this morning’s Export Sales report, the trade is estimating 1 to 1.6 MMT in bookings for 2024/25, with 25/26 sales estimated at 0 to 50,000 MT. Soybean meal sales are seen net reductions of 50,000 to sales of 60,000 MT for 23/24, with 24/25 in an expected range of 140,000 to 350,000 MT. Bean oil sales are seen at 0-40,000 MT for 23/24, with 24/25 sales expected to total 0 to 50,000 MT.
A dry forecast should allow for the US soybean harvest to continue this next week. Meanwhile, down in South America, forecasts are shifting wetter in part of Brazil that has remained in their dry season a little longer than normal.
The EU has proposed delaying a law that would limit imports of commodities that were linked to deforestation.
Nov 24 Soybeans closed at $10.56, down 1 1/4 cents, currently down 12 cents
Nearby Cash was $9.93, down 1 1/2 cents,
Jan 25 Soybeans closed at $10.74 1/4, down 1 1/4 cents, currently down 12 cents
May 25 Soybeans closed at $11.02 1/4, down 1/2 cent, currently down 11 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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