Soybeans are trading with slight Thursday morning weakness, down fractionally to 2 cents. They closed out the Wednesday session with contracts down 2 ¾ to 4 cents, as nearby and soon to expire November was up ¾. There were 61 deliveries issued against November soybeans overnight, as futures roll off the board today. Preliminary open interest rose 14,195 contracts across the board on Wednesday. CmdtyView’s national front month Cash Bean price was down 2 1/2 cents at $9.54 1/2. Soymeal futures were down 50 cents to $1.30/ton on the day. Soy Oil futures continue to head lower, with losses of 85 to 105 points.
Export Sales data will be released on Friday morning, delayed due to the government holiday on Monday.
CONAB data was released this morning, showing a slight 0.09 MMT increase to the Brazilian soybean production estimate at 166.14 MMT.
China’s COFCO expects Chinese imports during the 2024/25 marketing year to drop 9.5% to 98.8 MMT. Argentina’s soybean crop is projected to total 53-53.5 MMT, according to the Rosario Grain Exchange, up from the 52-53 MMT range previously estimated.
Nov 24 Soybeans closed at $10.04 1/4, up 3/4 cent, currently down 1 ¼ cents
Nearby Cash was $9.54 1/2, down 2 1/2 cents,
Jan 25 Soybeans closed at $10.07 3/4, down 2 3/4 cents, currently down ¼ cent
May 25 Soybeans closed at $10.31 1/2, down 3 3/4 cents, currently down 1 cent
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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