Soybeans Pull Back on Wednesday Despite Record NOPA Crush

Soybeans posted weaker midday trade on Wednesday after mixed Wednesday action, with contracts down 4 to as much as 11 cents. CmdtyView’s national front month Cash Bean price was up 5 1/4 cents at $9.83 3/4. Soymeal futures were $3.80 to $4.30/ton lower on the day. Soy Oil futures were 2 to 5 points higher on the session, with deferreds down 3 to 23 points. 

Ahead of the Thursday morning Export Sales report, traders are looking for 2024/25 soybean export business to be between 300,000 and 800,000 MT in the week that ended on 1/9, with 0-100,000 MT expected for 2025/26. Soybean meal sales are seen between 150,000 to 300,000 MT and 10,000 to 50,000 MT expected for bean oil.

NOPA crush data from this morning showed December crush totaling 206.6 mbu, more than 1 mbu above estimates. That was an increase of 6.96% from last month, 5.77% larger than December 2023 and an all-time record for any month. Bean oil stocks were tallied at 1.24 billion lbs, the largest in 5 months but still 9.11% below the end of 2023.

Argentina’s soybean production is expected to total to come in below 53-53.5 MMT, which is where their previous estimate was held.

Mar 25 Soybeans  closed at $10.42 3/4, down 4 3/4 cents,

Nearby Cash  was $9.83 3/4, down 5 1/4 cents,

May 25 Soybeans  closed at $10.55 1/4, down 6 cents,

Nov 25 Soybeans  closed at $10.39 1/4, down 10 1/4 cents,

New Crop Cash  was $9.74 1/2, down 10 1/2 cents,