Soybeans Pull Off Session Lows to Close Marginally Lower
Soybeans closed out the Wednesday session with contracts down 2 ¾ to 4 cents, as nearby and soon to expire November was up 3/4.. CmdtyView’s national front month Cash Bean price was down 2 1/2 cents at $9.54 1/2. Soymeal futures were down 50 cents to $1.30/ton on the day. Soy Oil futures continue to head lower, with losses of 85 to 105 points.
Export Sales data will be released on Friday morning, delayed due to the government holiday on Monday.
Lee Zeldin, President-elect Trump’s pick for EPA head has a history of being less friendly towards RFS policy, which has likely been a pressure point for bean oil this week.
China’s COFCO expects Chinese imports during the 2024/25 marketing year to drop 9.5% to 98.8 MMT. Argentina’s soybean crop is projected to total 53-53.5 MMT, according to the Rosario Grain Exchange, up from the 52-53 MMT range previously estimated. CONAB data will be released on Thursday morning.
Nov 24 Soybeans closed at $10.04 1/4, up 3/4 cent,
Nearby Cash was $9.54 1/2, down 2 1/2 cents,
Jan 25 Soybeans closed at $10.07 3/4, down 2 3/4 cents,
May 25 Soybeans closed at $10.31 1/2, down 3 3/4 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.