Soybeans are trading 1 to 3 cents lower so far on Thursday at midday. CmdtyView’s national front month Cash Bean price is down 2 3/4 cents at $9.55 3/4. Soymeal is down $4.80/ton so far on the day. Soy Oil futures are up 89 points on the session.
Export Sales data was released this morning, with 2024/25 soybean sales totaling 1.264 MMT for the week ending on 10/3, which was the lowest of the 4 full weeks so far in the marketing year. That was down 12.4% from the previous week but still 30.1% larger than the same week last year. China was the top buyer of 583,400 MT, with the Netherlands next up at 207,300 MT and Mexico in for 134,900 MT.
Soybean meal sales totaled just 165,717 MT in the week that ended on October 3. On the lower side of the 100,000 to 400,000 MT estimates. Bean oil sales were on the bottom half of the 0 to 20,000 MT expectations at 3,821 MT.
Crop Production estimates via a Bloomberg survey of analysts show soybean yield at 53.2 bpa, which would be unchanged from the September (and August) reports. Production is seen at 4.582 billion bushels. Ahead of the monthly WASDE, US bean ending stocks are estimated to come in at 546 mbu, a 4 mbu drop from last month on the smaller production.
Nov 24 Soybeans are at $10.17 1/2, down 2 3/4 cents,
Nearby Cash is at $9.55 3/4, down 2 3/4 cents,
Jan 25 Soybeans are at $10.34 1/2, down 2 1/2 cents,
May 25 Soybeans are at $10.64 1/4, down 1 1/4 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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