Soybeans Lower at Midday

Soybeans are trading with Wednesday midday losses of 4 to 6 cents. CmdtyView’s national front month Cash Bean price is down 4 3/4 cents at $9.46. Soymeal futures are down $2.70/ton. Soy Oil futures are down 4 points at midday

The current soybean/corn ratio is at 2.24, favoring a shift to corn acres. S&P Global estimates the 2024 soybean planting total at 83.3 million acres, steady with their January estimate and down 3.8 million acres from a year ago. Allendale estimates the planted acreage total at 84.28 million acres according to a producer survey.

Abiove estimates the Brazilian soybean crop at 170.9 MMT, which is down 0.8 MMT from their previous estimate.

May 25 Soybeans  are at $10.08, down 4 3/4 cents,

Nearby Cash  is at $9.46 1/1, down 4 3/4 cents,

Jul 25 Soybeans  are at $10.21 1/4, down 5 1/4 cents,

Nov 25 Soybeans  are at $10.09 3/4, down 5 3/4 cents,

New Crop Cash  is at $9.45, down 6 cents,

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