Soybean Pressure Continues on Wednesday Morning
Soybean futures are down another 6 to 9 cents so far to start the midweek session. Soybeans fell lower into Tuesday's close despite tightening world supplies. Contracts closed with 2 to 6 cent losses, led by the nearbys. CmdtyView's national front month Cash Bean price was down 6 cent at $9.82 3/4. Soymeal futures were down $3.60/ton, with Soy Oil futures 39 points higher at the close. A higher crude oil market was supportive.
Tuesday's WASDE report indicated USDA leaving the balance sheet alone, as ending stocks for 2024/25 soybeans were left at 380 mbu. The cash average price from USDA was down 10 cents at $10.10.
USDA left the Brazil production total unchanged at 169 MMT on Tuesday, though the Argentina output was cut by 3 MMT to 49 MMT, citing the persistent heat and dryness. The 2024/25 world carryout stocks of beans were slashed by another 4.03 MMT to 124.34 MMT, thanks in part to the Argentina number.
Brazil's February exports were pegged at 10.1 MMT in the latest ANEC estimate, up 330,000 MT from their previous number. Crop estimates from AgResource showed a slightly higher Brazilian bean crop at 172.28 MMT, with Patria Agronegocios cutting their projection by 1.07 MMT to 165.87 MMT.
Mar 25 Soybeans closed at $10.43 1/2, down 6 cents, currently down 8 ¾ cents
Nearby Cash was $9.82 3/4, down 6 cents,
May 25 Soybeans closed at $10.60 1/4, down 5 1/4 cents, currently down 8 ¼ cents
Nov 25 Soybeans closed at $10.55 1/2, down 2 cents, currently down 6 ½ cents
New Crop Cash was $9.91 1/4, down 2 cents,
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