Soybean prices are trading 1 to 3 cents lower as of Thursday midday, with the national front month Cash Bean price at $9.55 3/4, down 2 3/4 cents. Soymeal has declined by $4.80/ton, while Soy Oil futures have risen by 89 points.
For the week ending October 3, 2024/25 soybean export sales totaled 1.264 million metric tons (MMT), a 12.4% decrease from the previous week but 30.1% higher than the same week last year. China led purchases with 583,400 MT, followed by the Netherlands at 207,300 MT and Mexico at 134,900 MT.
Soybean meal sales were reported at 165,717 MT, below the estimated range of 100,000 to 400,000 MT, while bean oil sales were 3,821 MT, within the expectation of 0 to 20,000 MT. A Bloomberg survey estimates soybean yield at 53.2 bushels per acre, unchanged from previous reports, with production projected at 4.582 billion bushels. Estimated U.S. bean ending stocks are anticipated at 546 million bushels, down 4 million from last month.
