Soybean futures are trading with 5 to 7 cent losses across most contracts on Wednesday. Soymeal futures was down $5.90/ton in the September contract and providing continued pressure. Soy Oil futures are providing the support, with gains of 103 points in the September contract.
The NASS Crop Production report on Monday is expected to show soybean yield at 52.5 bpa, a 0.5 bpa increase from the previous month’s WASDE. Production is seen 35 mbu higher to 4.470 according to a Reuters survey, as harvested acres are estimated to drop nearly 150,000 acres.
Soybean exports out of Brazil were tallied at 11.25 MMT during July, according to government data, 16% above the same month last year. August export estimates from ANEC are calling for 7.84 MMT, which is slightly above the 7.57 MMT from last year if realized. ABIOVE estimates the country’s 2023/24 soybean crop at 153.2 MMT, unchanged from the previous number.
Chinese soybean imports totaled 9.85 MMT during July, which was 2.9% above the same month last year.
Aug 24 Soybeans are at $10.22 1/2, down 6 cents,
Nearby Cash is at $9.96 1/8, down 6 1/4 cents,
Nov 24 Soybeans are at $10.21, down 5 3/4 cents,
Jan 25 Soybeans are at $10.37 1/4, down 6 cents,
New Crop Cash is at $9.65 3/8, down 5 3/4 cents,
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