Soybeans are down 1 to 2 ½ cents on Wednesday AM trade. The market held the losses on Tuesday, with contracts closing steady to 1 ¼ cents higher and off the early lows. Tuesday’s open interest data was up 2,013 contracts. The cmdtyView national average Cash Bean price was 1 1/4 cents lower at $9.32 1/2. Soymeal futures were mixed, with contracts up 50 cents to 80 cents lower, with Soy Oil steady to 2 ticks lower on the day.
After the close, President Trump posted that he is “considering terminating business with China, having to do with cooking oil and other elements of trade, as retribution” to not buying US soybeans.
Export Inspections data showed 994,008 MT (36.52 mbu) of soybeans shipped in the week that ended on October 9, which was an increase of 26.9% from the week prior but down 49.9% from the same week last year. China was still missing in the weekly data, as the seasonal movement is being suppressed. Mexico was the top destination of 195,947 MT, with 182,090 MT to Spain and 117,598 MT to Bangladesh. Marketing year shipments have totaled 4.04 MMT (148.45 mbu), a 26% drop yr/yr.
NOPA crush data will be out on Wednesday, as traders are expecting to see September crush total 186.34 mbu.
Brazil’s soybean production for 2025/26 is seen at 177.64 MMT, a slight drop from the 177.67 MMT seen last month according to CONAB. Brazil’s October exports are estimated at 7.31 MMT according to ANEC, which is a 0.19 MMT increase from last week.
Nov 25 Soybeans are at $10.06 1/2, down 1 1/4 cents, currently down 2 1/2 cents
Nearby Cash is at $9.32 1/2, down 1 1/4 cents,
Jan 26 Soybeans are at $10.24 1/4, down 1 cents, currently down 1 1/2 cents
Mar 26 Soybeans are at $10.39 1/2, down 1/2 cent, currently down 1 1/4 cents
