Soybeans Collapsing on Thursday

The soybean market is posting midday losses of 17 to 21 cents so far at Thursday’s midday. CmdtyView’s national front month Cash Bean price is down 19 3/4 cents at $9.63. Soymeal futures are $8/ton lower on the day. Soy Oil futures are 87 points in the red on the session.

USDA reported a private export sale of 132,000 MT of soybeans to China this morning for 2024/25 delivery.

This morning’s Export Sales report showed a bounce back in business following the holiday week to 569,142 MT for 2024/25 sales in the week that ended on 1/9, in the middle of the trade estimates between 300,000 and 800,000 MT. That was a 3-week high and nearly double the previous week. China was the top buyer of 213,900 MT, with 179,200 MT sold to Bangladesh. Unknown cancelled a total of 648,100 MT, most of which was switched to a destination. 

Soybean meal sales came in at 145,548 MT, below the 150,000 to 300,000 MT estimates. Bean oil bookings were tallied at 57,299 MT, exceeding trade ideas of 10,000 to 50,000 MT.

Argentina’s soybean production is expected to total to come in below 53-53.5 MMT according to the Rosario Grain Exchange, which is where their previous estimate was held. The International Grains Council raised their world soybean production estimate by 1 MMT, as stocks were up by 2 MMT to 84 MMT, which is up 11 MMT from last year. 

Mar 25 Soybeans  are at $10.22 1/2, down 20 1/4 cents,

Nearby Cash  is at $9.63 1/1, down 19 3/4 cents,

May 25 Soybeans  are at $10.34 1/2, down 20 3/4 cents,

Nov 25 Soybeans  are at $10.22 1/4, down 17 cents,

New Crop Cash  is at $9.57, down 16 1/2 cents,