The soybean market is falling on Wednesday with lack of much anything bullish, as decent Brazilian weather, uncertainty around trade in the coming months, and weaker products are adding pressure. Contracts are down 23 to 25 cents so far at midday. CmdtyView’s national front month Cash Bean price was down 5 1/2 cents at $9.27. Soymeal futures are trading with midday losses of $7 so far. Soy Oil futures are down 101 points on the session.
The next couple weeks looks to see continued rains in most of Brazil, helping to push their crop through the growing season. The Brazil real also continues to weaken.
USDA reported a private export sale this morning of 120,000 MT of soybean meal to Columbia this morning for 24/25 shipment.
Ahead of the Thursday morning USDA Export Sales report, analysts estimate between 0.825 and 2 MMT of 2024/25 soybeans were sold for export in the week of 12/12. There are also estimates of 0-100,000 MT for 2025/26. Meal sales are seen totaling 150,000-400,000 MT, with bean oil at 5,000 to 75,000 MT
Jan 25 Soybeans are at $9.53 1/4, down 23 1/2 cents,
Nearby Cash is at $9.03 1/4, down 23 3/4 cents,
Mar 25 Soybeans are at $9.55 1/2, down 23 1/4 cents,
Jul 25 Soybeans are at $9.73 1/2, down 24 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. More news from Barchart- Merchandiser Insights: Understanding What Basis Moves Are Saying About Supply And Demand In Grains
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- Corn Demand in Focus: What The Cash Market May Be Trying To Say
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