Soybeans experienced losses of 1 to 4 cents on Wednesday, with the cmdtyView national average Cash Bean price rising 1 ¼ cents to $10.97 ¾. Soymeal futures increased by $1.50 to $2.00, while Soy Oil futures fell by 150 to 165 points. Crude Oil prices dropped by $1.56 as tensions in the Middle East eased following President Trump’s suggestion of a potential Iranian ceasefire.
The USDA’s Export Sales update, scheduled for Thursday, is projected to report old crop sales between 300,000-700,000 MT and new crop sales of 0-50,000 MT. Soybean meal sales are expected to range from 200,000-500,000 MT, with bean oil sales predicted at 0-12,000 MT. Additionally, the NASS reported 84.7 million acres of soybeans intended for the spring planting, representing a 3.485 million acre increase from last year, though 787,000 acres below trade estimates.
March 1 soybean stocks totaled 2.105 billion bushels, up 194 million bushels compared to the previous year and exceeding both Bloomberg’s and Reuters’ estimates.
