Soybeans closed out the Thursday session with contracts rallying from the slight midday gains. Futures settled the day with gains of 7 to 11 ¾ cents. Soymeal futures were up $1.90 to $3.20/ton at the closing bell. Soy Oil futures ended the trading day with contracts rallying 34 to 55 points.
Soybean yield was left unchanged at 53.2 bpa this morning, though it was implied slightly lower from August as harvested acreage was left unchanged and production was trimmed by 3 million bushels to 4.586 bbu. As for US ending stocks, old crop was trimmed by 5 mbu to 340 mbu, on an increase to the crush total, with exports left unchanged. New crop was down 10 mbu to 550 mbu on the slightly lower production and smaller carryover.
On the world side, old crop ending stocks were down a slight 0.11 MMT to 112.25 MMT, as the Argentina production total was down 0.9 to 48.1 MMT. Brazil was left at 153 MM, matching the ABIOVE total released earlier in the day. CONAB left their Brazilian soybean crop estimate for 2023/24 at 147.38 MMT in this morning’s update. New crop stocks were up 0.28 MMT to 134.58 MMT. The Argentine soybean crop is pegged at 52 to 53 MMT according to the Rosario Grain Exchange, with acreage up 7.5% to 43.73 million acres. USDA is at 51 MMT.
Export Sales data showed new crop soybean sales of 1.474 MMT, on the high side of the expected 900,000 MT to 1.6 MMT for the week that ended on September 5. There was a total of 953,808 MT carried over from the 2023/24 marketing year. Sales to China totaled 962,600 MT. Soybean meal sales totaled net reductions of 2,969 MT for 2023/24 shipment, with 276,031 MT sold for 2024/25, on the lower side of the 200,000 to 650,000 MT estimates. Bean oil bookings totaled net reductions of 523 MT for 2023/24, with just 1,730 MT in sales for 2024/25.
Sep 24 Soybeans closed at $9.91 1/2, up 11 3/4 cents,
Nearby Cash was $9.49 7/8, up 9 3/4 cents,
Nov 24 Soybeans closed at $10.10 3/4, up 10 1/4 cents,
Mar 25 Soybeans closed at $10.44, up 10 cents,
New Crop Cash was $9.49 7/8, up 9 3/4 cents,
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