Soybeans are trading near unchanged to kick off Thursday after the Wednesday collapse. The soybean market broke out to the downside on Wednesday, as decent Brazilian weather, uncertainty around trade in the coming months, and weaker products continued to add pressure. Contracts closed with losses of 18 to 26 cents on the day. Preliminary open interest was up 16,192 contracts in all but the January contracts implying net new selling. CmdtyView’s national front month Cash Bean price was down 25 1/4 cents at $9.02 ¾. Soymeal futures closed with losses of $3.90 to $7.70/ton. Soy Oil futures were down 79 to 107 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 of 120,000 MT of soybean meal to Columbia on Wednesday 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 closed at $9.51 3/4, down 25 cents, currently unch
Nearby Cash was $9.02 3/4, down 25 1/4 cents,
Mar 25 Soybeans closed at $9.53 1/4, down 25 1/2 cents, currently unch
Jul 25 Soybeans closed at $9.71 1/2, down 26 cents, currently up 1/2 cent
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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