Soybeans are trading with Wednesday morning losses of 4 to 5 cents. Futures closed with weakness despite the tighter than expected stocks total, as contracts were down 8 to 9 ½ cents. Preliminary open interest was down 7,242 contracts on Tuesday, mainly in the November and January contracts. The cmdtyView national average Cash Bean price was 9 1/2 lower at $9.25. Soymeal futures were down $1.60 to $2.40/ton, with Soy Oil futures down 20 to 33 points.
On Tuesday, NASS tallied 316 mbu of soybeans on hand as of September 1 via their Grain Stocks report. That was 9 mbu shy of the average trade guess of 325 mbu, as well as 14 mbu lower compared to the WASDE ending stocks estimate from earlier this month. That was also a 26 mbu reduction from last year. Production from 2024/25 was raised by 8 mbu to 4.374 bbu.
Weekly Crop Progress data showed ratings declining in KS (-5), ND (-1), SD (-2), TN (-5), and WI (-2). Improvement was noted in IL (+3), IN (+2), MI (+4), MN (+3), MO (+4), NE (1), and OH (+3).
Argentina soybean production is estimated to total 48.5 MMT for 2025/26 according to the Buenos Aires Grain Exchange, down 1.8 MMT from last year if realized. Brazilian soybean exports are estimated at 7.13 MMT for September according to ANEC.
Nov 25 Soybeans closed at $10.01 3/4, down 8 3/4 cents, currently down 4 3/4 cents
Nearby Cash was $9.25 1/1, down 9 1/2 cents,
Jan 26 Soybeans closed at $10.20 1/4, down 9 1/2 cents, currently down 4 3/4 cents
Mar 26 Soybeans closed at $10.35 3/4, down 9 3/4 cents, currently down 5 cents
