Soybeans Posting Weaker Wednesday Trade
Soybeans are slipping on Wednesday, with losses of 5 to 6 cents so far on the day. There were another 15 deliveries reported overnight. The cmdtyView national average Cash Bean price is down 5 1/2 cents at $9.48. Soymeal futures are back down $3 to $4.70 in the front months, with Soy Oil futures steady to 32 points higher. The CME reported another 8 September soybean meal deliveries issued overnight, with 87 for bean oil.
The monthly Crop Production report will be out on Friday, with a Reuters survey showing an expected 0.3 bpa drop to yield at 53.3 bpa on average. Production is estimated at 4.271 bbu, a 21 mbu reduction if realized. USDA will also revise ending stocks, with the 2024/25 MY seen at 328 mbu, down just 2 mbu compared to August. New crop stocks are seen at 288, again, just 2 mbu lower vs. August.
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Brazil soybean exports are estimated at 7.43 MMT, according to ANEC, up 0.68 MMT from the estimate last week.
Sep 25 Soybeans are at $10.09 3/4, down 1 3/4 cents,
Nearby Cash is at $9.48, down 5 1/2 cents,
Nov 25 Soybeans are at $10.25 3/4, down 5 1/2 cents,
Jan 26 Soybeans are at $10.45 1/4, down 5 1/4 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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