The soybean market broke out to the downside on Wednesday, as decent Brazilian weather, uncertainty around trade in the coming months, and weaker products continued to add pressure. Contracts closed with losses of 18 to 26 cents on the day. CmdtyView’s national front month Cash Bean price was down 25 1/4 cents at $9.02 ¾. Soymeal futures closed with losses of $3.90 to $7.70/ton. Soy Oil futures were down 79 to 107 points on the session.
The next couple weeks looks to see continued rains in most of Brazil, helping to push their crop through the growing season. The Brazil real also continues to weaken.
USDA reported a private export sale this morning of 120,000 MT of soybean meal to Columbia this morning for 24/25 shipment.
Ahead of the Thursday morning USDA Export Sales report, analysts estimate between 0.825 and 2 MMT of 2024/25 soybeans were sold for export in the week of 12/12. There are also estimates of 0-100,000 MT for 2025/26. Meal sales are seen totaling 150,000-400,000 MT, with bean oil at 5,000 to 75,000 MT
Jan 25 Soybeans closed at $9.51 3/4, down 25 cents,
Nearby Cash was $9.02 3/4, down 25 1/4 cents,
Mar 25 Soybeans closed at $9.53 1/4, down 25 1/2 cents,
Jul 25 Soybeans closed at $9.71 1/2, down 26 cents,
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