Soybeans Falling on Thursday Morning

The soybean market is down 10 to 15 cents so far on Thursday morning. Soybeans posted weaker midday trade on Wednesday after mixed Wednesday action, with contracts down 4 to as much as 11 cents. Preliminary open interest was up 10,992 contracts, suggesting net new selling. 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 this morning’s 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 Wednesday 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, currently down 14 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, currently down 14 1/4 cents

Nov 25 Soybeans  closed at $10.39 1/4, down 10 1/4 cents, currently down 10 1/2 cents

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