Soybeans Pressured to Close with Double Digit Losses on Wednesday
Soybeans slipped even further into the Wednesday close, as most contracts were down 10 to 12 cents at the final bell. The cmdtyView national average Cash Bean price was down 12 1/2 cents at $9.68 ½. Soymeal futures were down a dime to $1.40/ton, as Soy Oil was 45 to 82 points lower.
Weekly Export Sales data will be out on Thursday morning, with the trade looking for 300,000 to 600,000 MT in the week of July 3 for old crop, with 50,000 to 400,000 MT seen for new crop. Soybean meal is seen in a range of 125,000 to 950,000 MT in that week and 0 to 30,000 MT for bean oil.
The Central Corn Belt is expected to receive 1 to 3 inches of rain this week, with the western half of the Plains and parts of the ECB seeing lighter/spottier totals.
Ahead of the Friday USDA reports, analysts are expecting to see the a 10 mbu increase in the old crop bean stocks to 360 mbu. As for new crop, the Bloomberg survey showed traders looking for a 7 mbu reduction to output on the slight drop in acres to 4.333 bbu. Ending stocks for 2025/26 are estimated at 302 mbu, a 7 mbu increase vs. June.
Jul 25 Soybeans closed at $10.12 1/4, down 12 cents,
Nearby Cash was $9.68 1/2, down 12 1/2 cents,
Aug 25 Soybeans closed at $10.09, down 12 1/4 cents,
Nov 25 Soybeans closed at $10.07 1/4, down 10 1/4 cents,
New Crop Cash was $9.58, down 10 1/2 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.