Soybeans are trading with 6 to 7 cent gains on Wednesday morning. Beans settled 23 to 24 cents per bushel lower at the CME on Tuesday. Product values were also under pressure after the Argentine government required striking workers to go back to their jobs for a cooling off period. Soymeal futures down $5.20 to $11.70 per ton. The in-delivery August contract was the weakest. Soy Oil futures were down a sharp 93 to 138 points.
USDA reported an export sale announcement of 132,000 MT of soybeans yesterday morning to China for new crop shipment.
The USDA US soybean yield estimate was increased 1.2 bpa on Monday to 53.2 bpa, a record. Record state yields are being forecasted for IL, IN, OH, MO, and AR. The 800 lb. gorilla in the room is USDA’s forecast for ending stocks in August 2025 to be 560 million bushels and the largest since 2018/19.
Brazil’s CONAB revied their country’s soybean crop slightly higher to 147.38 MMT. That is still well below USDA’s WAOB, sticking to their guns at 153 MMT on Monday.
Aug 24 Soybeans closed at $9.89, down 23 cents, currently up 6 1/2 cents
Nearby Cash was $9.31 3/4, down 25 cents,
Nov 24 Soybeans closed at $9.62 1/2, down 23 1/2 cents, currently up 6 1/4 cents
Jan 25 Soybeans closed at $9.80 1/4, down 23 1/4 cents, currently up 6 cents
New Crop Cash was $9.06 3/4, down 23 3/4 cents,
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