Soybeans are experiencing losses of 3 to 6 cents as of Thursday, with the cmdtyView national average cash bean price at $9.88 ¼, a decrease of 5 ½ cents. Soymeal futures are near unchanged levels while soy oil futures range from 7 to 17 points lower. A total of 142 deliveries against January soybeans were noted overnight, including 70 for bean oil.
This morning, the USDA reported a private export sale of 132,000 MT of soybeans to China. For the week ending January 1, the USDA recorded 877,914 MT of soybean sales, below expectations of 0.75-1.3 MMT but higher than the same week last year. October soybean exports were recorded at 5.264 MMT, a 43.05% decline from the prior year, marking the lowest level since 2008/09.
Upcoming Crop Production data is set to be released on Monday, forecasting a 2025 soybean yield estimate of 52.7 bpa, with total production expected at 4.23 billion bushels according to a Bloomberg analyst survey.
