Soybeans Collapse into Thursday’s Close
Soybeans failed to react to a USDA export sale this morning, as contracts closed with losses of 13 ¾ to 20 ¼ cents. CmdtyView’s national front month Cash Bean price was down 20 cents at $9.35 ¾. The products played a pressure role, with Soymeal futures down $3.20 to $5.10/ton on the day. Soy Oil futures fell 74 to 91 points on the session.
There is still uncertainly on potential Trump cabinet appointments including the USDA secretary and US Trade Representative. There was some clarity with RFK Jr.’s role in the administration, as President-elect Trump indicated he would be appointed to HHS Secretary.
The USDA reported a private export sale of 176,000 MT of soybeans to unknown destinations this morning for 2024/25. Weekly Export Sales data will be released on Friday morning, as soybean sales for 2024/25 are expected to be in a range of 1 to 2.2 MMT and 2025/26 at 0-100,000 MT. Meal sales are estimated to total 175,000 to 540,000 MT.
CONAB data was released this morning, showing a slight 0.09 MMT increase to the Brazilian soybean production estimate at 166.14 MMT.
NOPA data will be released on Friday morning, with October crush among members estimated at 196.84 mbu. That would be an all-time record for crush if realized. Stocks of bean oil are estimated at 1.09 billion lbs for October 31.
Nov 24 Soybeans closed at $9.85 3/4, down 18 1/2 cents,
Nearby Cash was $9.35 3/4, down 20 cents,
Jan 25 Soybeans closed at $9.87 1/2, down 20 1/4 cents,
May 25 Soybeans closed at $10.13 1/4, down 18 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.
