Soybeans are trading 2 to 3 cents in the green so far on Wednesday. They posted losses of 13 ¾ to 18 ¾ cents across the board on Tuesday. CmdtyView’s national front month Cash Bean price was down 18 cents at $9.53. Soymeal slipped another 20 cents to $2/ton on the day. Soy Oil futures fell 148 to 156 points on the day, with pressure from sharp $3.24 losses in crude oil. Rains have also made their way back in the forecast for Brazil in the coming weeks, causing some premium to be taken out of the bean market.
USDA reported another private export sale of 166,000 MT of 24/25 soybeans to China this morning.
August soybean exports totaled 1.714 MMT (63 mbu), which was a slight improvement over last year and 14.7% above July. That took the full marketing year total to 1.695 bbu. Soy meal exports totaled 909,156 MT, which was down 15% from last year. Soybean oil shipments were just 29,032 MT.
Weekly Crop Progress data showed the US soybean harvest jumping to 47% complete, well above the 34% average pace. Just LA and NC were reported as lagging behind. Conditions were down 1% to 63% gd/ex in the final condition update of the year. The Brugler500 index was 361, down 1 on the week to close out at a 4-year high for final ratings. By state, IL and NE were down 7 points, with IA losing 3, OH down 4 points and MN slipping 2 points. Ratings in IN were up 3, with MO improving 2 points, ND up 3 and SD 12 points better.
Nov 24 Soybeans closed at $10.16 1/4, down 17 3/4 cents, currently up 2 3/4 cents
Nearby Cash was $9.53, down 18 cents,
Jan 25 Soybeans closed at $10.34 1/2, down 18 cents, currently up 2 1/4 cents
May 25 Soybeans closed at $10.63 3/4, down 18 3/4 cents, currently up 3 cents
Source: https://www.nasdaq.com/articles/soybeans-trading-wednesday-am-gains
