Soy futures are off their overnight lows this morning, but still fractionally to 4 cents lower so far for Thursday. 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.
The annual USDA Ag Outlook Forum included a release from the Office of the Chief Economist projecting soybean acreage at 87.5 million. That is 3.9 million above 2023 and compares to the 86.7 million acre average estimate by selected analysts taken on Monday and Tuesday. The preliminary carryout is at 435 mbu for 24/25.
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.
NOPA’s monthly crush report will be released today, with the average trade guess 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, currently down 1 cent
May 24 Soybeans closed at $11.76 1/4, down 15 1/2 cents, currently down 3/4 cent
Jul 24 Soybeans closed at $11.86 1/4, down 15 1/4 cents, currently down 1 cent
Nov 24 Soybeans closed at $11.55, down 10 1/4 cents, currently down 2 1/2 cents
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