Soybean futures are experiencing slight weakness, trading down 2 cents on Thursday morning following a Wednesday session where contracts decreased by 2 ¾ to 4 cents. Notably, 61 deliveries were issued against November soybeans, which are set to expire today. The preliminary open interest rose by 14,195 contracts on Wednesday. The national front month Cash Bean price stands at $9.54 1/2, down 2 ½ cents, and soymeal futures fell by 50 cents to $1.30 per ton.
CONAB reported a minor increase of 0.09 MMT in Brazil’s soybean production estimate, raising it to 166.14 MMT. In contrast, China’s COFCO anticipates a 9.5% decline in Chinese imports for the 2024/25 marketing year, predicting a total of 98.8 MMT. Argentina’s soybean crop is now projected to reach 53-53.5 MMT, according to the Rosario Grain Exchange, up from an earlier estimate of 52-53 MMT.
As of Wednesday close, November 24 soybeans were at $10.04 1/4, currently down 1 ¼ cents, while January 25 soybeans finished at $10.07 3/4 and May 25 soybeans at $10.31 1/2.
