The soybean market fell into the close on Wednesday, as contracts were down 1 to 6 ½ cents at the final bell. CmdtyView’s national front month Cash Bean price was down 2 1/2 at $9.39. Soymeal futures were back down $2.20 to $3.20/ton on the day, with Soy Oil futures 24 to 39 points higher on the session.
USDA reported a private export sale of 120,000 MT of soybeans to unknown destinations this morning for 2024/25 shipment.
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 weekly Export Sales report is delayed until Friday as the government offices will be closed Thursday for a National Day of Mourning for former President Carter’s funeral. The markets will be closing at 12:15 pm CST on Thursday.
Jan 25 Soybeans closed at $9.85 3/4, down 6 1/2 cents,
Nearby Cash was $9.39, down 2 1/2 cents,
Mar 25 Soybeans closed at $9.94, down 3 1/4 cents,
Jul 25 Soybeans closed at $10.17 3/4, down 1 1/4 cents
