Soybeans are trading with contracts steady to 3 cents higher at midday for Thursday’s abbreviated session. CmdtyView’s national front month Cash Bean price is up a penny at $9.40. Soymeal futures are back down 30 cents/ton on the day, with Soy Oil futures 45 points higher so far on the session. There were 60 deliveries against Jan soybean overnight, all by a Marex customer, with 51 issued against January meal and 171 for Jan bean oil. The markets will be closing at 12:15 pm CST.
The weekly Export Sales report is delayed until Friday as the government offices are closed today for a National Day of Mourning for President Carter’s funeral. Traders are looking for 0.4 to 1.3 MMT of 2024/25 soybean sales, with 0-100,000 MT for 2025/26 in the week of January 2. Meal sales are estimated at 150,000 to 400,000 MT, with bean oil at 20,000 to 60,000 MT.
The next 7 days looks drier for much of Argentina and southern Brazil, with the 8-14 day period looking wetter for both out to January 20-25
USDA will release a slew of reports on Friday, with the trade looking for us bean yield to be down 0.1 bpa to 51.6 bpa. Production is seen down 8 mbu to 4.453 bbu, as harvested acres are estimated to be slightly higher from the November report. The Grain Stocks report will also be released with estimates at 3.231 bbu, 231 mbu above December 1, 2023. The WASDE report is estimated to show US ending stocks at 457 mbu.
Jan 25 Soybeans are at $9.90, up 2 1/2 cents,
Nearby Cash is at $9.40, up 1 cent,
Mar 25 Soybeans are at $9.95 1/2, up 1 cent,
Jul 25 Soybeans are at $10.18, unch
