The soybean market is weaker to kick off Thursday trade, with losses of 3 to 5 cents so far. Beans faced weakness on Wednesday, as contracts were down 5 to 6 cents in the nearbys. Preliminary open interest showed new selling interest, up 13,228 contracts. CmdtyView’s national front month Cash Bean price was down 4 1/4 cents at $9.46 1/4. Soymeal futures closed Wednesday with front month losses of $1.50/ton, as Soy Oil futures were down 18 points on the day.
USDA’s Export Sales report will be released shortly and is estimated to total 0.4 to 0.9 MMT for 2024/25 soybean sales in the week of March 13. New crop sales are pegged at 0-50,000 MT. Soybean meal is expected to total 140,000 to 470,000 MT, with bean oil at 15,000 to 60,000 MT.
Abiove estimates the Brazilian soybean crop at 170.9 MMT, which is down 0.8 MMT from their previous estimate.
May 25 Soybeans closed at $10.08 1/4, down 4 1/2 cents, currently down 3 1/2 cents
Nearby Cash was $9.46 1/4, down 4 1/4 cents,
Jul 25 Soybeans closed at $10.21 1/2, down 5 cents, currently down 3 3/4 cents
Nov 25 Soybeans closed at $10.10, down 5 1/2 cents, currently down 4 1/4 cents
New Crop Cash was $9.46 1/2, down 5 1/2 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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