Soybeans Showing Weaker Trade Heading into the Weekend

Soybeans are trading with contracts down 5 to 7 cents at midday. The cmdtyView national average Cash Bean price is down 6 cents at $12.23 3/4. Soymeal futures are trading with contracts $5 to $7 lower, with Soy Oil 125 to 130 points higher 

Harvest should be able to resume over the next week, with a pocket opening up for much of the US growing region in the 7-day QPF from NOAA.

Total soybean export commitments are now 22.236 MMT following Thursday’s Export Sales report, which is up 89% from the same time last year. That is also 48% of the SUDA export forecast and lags the 40% average sale pace. 

August soybean crush was released on Thursday afternoon with a total of 209.6 mbu of soybeans used by crushers in the month. That was shy of trade ideas by nearly 1 mbu and down 5.53% from July and was 5.86% larger than last year. Full marketing year crush was 2.645 bbu, shy of the 2.655 bbu USDA estimate. Soybean oil stocks were seen at 1.696 billion lbs, down 13.58% from July and 5.14% below last year.

US soybean production was raised by 101 bbu, according to StoneX, at 4.648 bbu, with their yield estimate increased by 1.1 bpa to 54.1 bpa. StoneX estimates the Brazilian soybean crop at 183.36 MMT, which is down 0.24 MMT from the previous number.

Nov 26 Soybeans  are at $12.77 3/4, down 6 1/4 cents,

Nearby Cash  is at $12.23 3/4, down 6 cents,

Jan 27 Soybeans  are at $12.94, down 6 3/4 cents,

Mar 27 Soybeans  are at $13.04 1/4, down 6 1/2 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.