Soybeans ended the Wednesday session with mixed trade, as front months were steady to 1 ¼ cents lower and deferreds up ½ to 1 ½ cents. CmdtyView’s national front month Cash Bean price was down 1 1/2 cents at $9.93. Soymeal added some pressure to things, as contracts were down $1.20 to $8.60/ton across the board. Soy Oil futures were up 48 to 81 points on the day.
Ahead of Thursday morning’s Export Sales report, the trade is estimating 1 to 1.6 MMT in bookings for 2024/25, with 25/26 sales estimated at 0 to 50,000 MT. Soybean meal sales are seen net reductions of 50,000 to sales of 60,000 MT for 23/24, with 24/25 in an expected range of 140,000 to 350,000 MT. Bean oil sales are seen at 0-40,000 MT for 23/24, with 24/25 sales expected to total 0 to 50,000 MT.
A dry forecast should allow for the US soybean harvest to continue this next week. Meanwhile, down in South America, forecasts are shifting wetter in part of Brazil that has remained in their dry season a little longer than normal.
The EU has proposed delaying a low that would limit imports of commodities that were linked to deforestation.
Nov 24 Soybeans closed at $10.56, down 1 1/4 cents,
Nearby Cash was $9.93, down 1 1/2 cents,
Jan 25 Soybeans closed at $10.74 1/4, down 1 1/4 cents,
May 25 Soybeans closed at $11.02 1/4, down 1/2 cent,
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