Soybeans are trading with 16 to 24 cent gains at Friday’s midday, following a USDA yield cuts and tighter stocks. CmdtyView’s national front month Cash Bean price is up 22 cents at $9.65 1/2. Soymeal futures are down a dime/ton on the day, with Soy Oil futures 229 points higher so far on the session. The Biden Administration is expected issue some short-term guidance released on the 45Z tax credits today.
This morning’s Export Sales report tallied 2024/25 soybean sales at just 288,671 MT, coming in at a MY low and below the 0.4 to 1.3 MMT range of estimates in the week of January 2. The Netherlands purchased a total of 205,400 MT, with 171,800 MT sold to China. A total of 696,100 MT in net reductions was reported by unknown destinations, with most switched to a destination.
Meal sales totaled 144,918 MT in that week, the lowest for the marketing year. Soybean oil sales were tallied at 34,634 MT in the middle of the 20,000 to 60,000 MT estimates.
This morning’s Crop Production report showed a 1 bpa drop to yield at 50.7 bpa for soybeans, well below estimates. Harvested acres were trimmed by 250,000 acres to 86.05 million, which added to the drop in production of 95 mbu to 4.366 bbu. With the smaller supplies heading in, the December 1 stocks total was tallied at 3.099 bbu, 112 mbu below estimates and up just 98 mbu from last year. The WASDE ending stocks projection was trimmed by 90 mbu to 380 mbu, 77 mbu below estimates.
On the world side, USDA left the Brazilian and Argentine numbers alone. Ending stocks for the world were tightened to 128.37 MMT below December by 3.5 MMT and well below estimates that were calling for an increase.
Jan 25 Soybeans are at $10.08 1/4, up 16 cents,
Nearby Cash is at $9.65 1/2, up 22 cents,
Mar 25 Soybeans are at $10.22 1/2, up 23 1/2 cents,
Jul 25 Soybeans are at $10.45, up 21 3/4 cents,
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