Soybeans are experiencing a slight downturn this Wednesday morning, trading with losses of 4 to 5 cents. Despite a tighter-than-expected stocks total, futures closed lower, with contracts down by 8 to 9 ½ cents. On Tuesday, preliminary open interest saw a decrease of 7,242 contracts, primarily in the November and January contracts. The cmdtyView national average Cash Bean price dropped by 9 ½ cents, settling at $9.25. Additionally, Soymeal futures fell between $1.60 and $2.40 per ton, while Soy Oil futures decreased by 20 to 33 points.
According to the NASS, as of September 1, there were 316 million bushels of soybeans on hand, as reported in their Grain Stocks report. This figure is 9 million bushels below the average trade estimate of 325 million bushels and 14 million bushels lower than the WASDE ending stocks estimate released earlier this month. Notably, this represents a 26 million bushel reduction compared to last year. However, production for the 2024/25 season was raised by 8 million bushels to a total of 4.374 billion bushels.
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Weekly Crop Progress data indicates a decline in ratings for several states: Kansas (-5), North Dakota (-1), South Dakota (-2), Tennessee (-5), and Wisconsin (-2). Conversely, improvements were observed in Illinois (+3), Indiana (+2), Michigan (+4), Minnesota (+3), Missouri (+4), Nebraska (+1), and Ohio (+3).
In international news, Argentina’s soybean production is projected to reach 48.5 million metric tons for the 2025/26 season, according to the Buenos Aires Grain Exchange. This figure represents a decrease of 1.8 million metric tons from the previous year if realized. Meanwhile, Brazilian soybean exports are estimated at 7.13 million metric tons for September, as reported by ANEC.
Nov 25 Soybeans closed at $10.01 3/4, down 8 3/4 cents, and are currently down 4 3/4 cents.
Nearby Cash was reported at $9.25 1/1, down 9 1/2 cents.
Jan 26 Soybeans closed at $10.20 1/4, down 9 1/2 cents, and are currently down 4 3/4 cents.
Mar 26 Soybeans closed at $10.35 3/4, down 9 3/4 cents, and are currently down 5 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.
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