Soybeans are experiencing a decline, with prices down 9 to 11 cents on Tuesday. The current national average cash bean price is $9.66 1/2, according to cmdtyView. Soymeal futures are down $36 to $6.80, while soy oil futures increased by 90 to 97 points. The USDA reported a private export sale of 168,000 metric tons (MT) of soybeans to China and 152,404 MT to Mexico.
The USDA’s Crop Production report indicates a soybean yield of 53 bushels per acre (bpa) and a harvested acreage of 80.4 million acres, slightly higher than prior estimates. U.S. soybean production is now estimated at 4.262 billion bushels (bbu), with December 1 soybean stocks at 3.29 bbu, an increase of 190 million bushels from last year. The USDA also adjusted exports down by 60 million bushels to 1.575 bbu, while raising crush estimates by 15 million bushels to 2.57 bbu.
Additionally, Sinograin auctioned off 1.1 million metric tons of soybeans from Chinese state reserves on Tuesday.
