The Soybean complex closed lower on Wednesday. Soybeans couldn’t hold the slight gains from the day session open, with contracts collapsing 9 to 15 ¾ cents across most nearby months. Soymeal futures were down $1.50 to $3.10 at the close. Soy oil was 54 to 95 points lower on the day.
Ahead of the weekly Export Sales report, traders are expecting between 300k MT and 800k MT of old crop soybeans were sold. Wire sources showed South Korea booked 60k MT of optional origion soymeal. Algeria is also tendering for 35k MT of soymeal.
With the USDA Ag Outlook Forum later this week, the trade is looking for soybean planted acres to come in at 86.7 million acres in USDA’s estimate. That would be up 3.1 million acres from last year if realized.
NOPA’s monthly crush report will be released on Thursday as the average trade guess is for the January total to be around 189.93 million bushel. That would be down 2.8% from December but still 6.1% larger than the Jan 2023 number. NOPA Bean oil stocks are expected to hit 1.409 billion lbs for 1/31, a 3.6% increase from Dec 31 if realized.
Mar 24 Soybeans closed at $11.70 1/2, down 15 3/4 cents,
May 24 Soybeans closed at $11.76 1/4, down 15 1/2 cents,
Jul 24 Soybeans closed at $11.86 1/4, down 15 1/4 cents,
Nov 24 Soybeans closed at $11.55, down 10 1/4 cents,
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