**Soybean Market Update**
On January 8, soybeans experienced losses of 7 to 15.5 cents across most contracts, with the cmdtyView national average cash price dropping 13.25 cents to $9.76. Soymeal futures declined between $3.10 and $5.40, while soy oil futures rose by 32 to 58 points. The USDA’s Crop Production report indicated a soybean yield of 53 bushels per acre (bpa), maintaining the November estimate, with harvested acreage increasing to 80.4 million acres and total production rising by 9 million bushels to 4.262 billion bushels.
Quarterly Grain Stocks data reported December 1 soybean stocks at 3.29 billion bushels, exceeding expectations by 40 million bushels. The USDA adjusted exports down by 60 million bushels to 1.575 billion and raised crush estimates by 15 million bushels to 2.57 billion. Export shipments for the week ending January 8 reached 1.529 million metric tons (56.21 million bushels), with China receiving the majority at 901,118 metric tons. Meanwhile, AgRural noted Brazil’s soybean crop was 0.6% harvested as of last Thursday, with production estimates raised by USDA to 178 million metric tons.
