Soybeans are trading with 5 to 19 cent losses so far on Wednesday. Soymeal is adding to the pressure on the day, with August meal down $6.70/ton. Soy Oil is showing 10 point gains in the front months at midday. There were zero delivery notices against July meal and July beans overnight, with 27 contracts put out against July bean oil.
A private export sale of 132,000 MT of new crop soybeans was reported to China by the USDA this morning. That is the first set of sales to China for the 2024/25 marketing year so far this year.
USDA’s WASDE report is expected to have a smaller new crop carry, likely influenced by the lower soybean planted acreage total from last month’s Acreage report. Production is projected to be 4.424 bbu, a 26 mbu cut from the previous month, with yield largely expected at 52 bpa.
South American production estimates per Bloomberg’s survey call for Argentina to be left unchanged at 50 MMT ahead of the monthly USDA report. Brazil is expected to see a 1.3 MMT cut to 151.7 MMT.
Jul 24 Soybeans are at $11.42 1/2, down 19 cents,
Nearby Cash is at $10.82, down 12 cents,
Aug 24 Soybeans are at $11.19 1/2, down 11 3/4 cents,
Nov 24 Soybeans are at $10.74 1/4, down 5 3/4 cents,
New Crop Cash is at $10.19 3/4, down 5 1/2 cents,
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