Soybeans Back to Flirting with Losses After USDA Slashes Yield
Soybeans are fading off the post report highs by more than a dime after a yield cut saw double digit gains. Contracts are back down 3 to 4 cents at midday. CmdtyView’s national front month Cash Bean price is down 3 3/4 cents at $9.67 1/4. Soymeal futures are down 60 cents/ton on the session. Soy Oil futures are up 30 points on the day.
Private 2024/25 soybean export sales of 107,000 MT to China and 132,000 MT to unknown destinations were reported by the USDA this morning.
This morning’s Crop Production report saw NASS slash their US soybean crop projection, with yield down 1.4 bushel per acre at 51.7 bpa. That helped to tighten down the production total to 4.461 billion bushels, a 121 mbu reduction from October.
The sharp drop in production took the US ending stocks down by 80 mbu to 470 mbu. As for the demand side, crush was trimmed by 15 mbu to 2.41 bbu, with exports down 25 mbu to 1.825 bbu. For the world side, production out of South America was left unchanged. World ending stocks were tightened down by 2.91 MMT to 131.74 MMT, mainly on the US number.
Nov 24 Soybeans are at $10.13, down 2 1/2 cents,
Nearby Cash is at $9.67 1/4, down 3 3/4 cents,
Jan 25 Soybeans are at $10.22 1/4, down 4 cents,
May 25 Soybeans are at $10.47, down 3 3/4 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. For more information please view the Barchart Disclosure Policy here.