Austin Schroeder – Barchart
Wed Mar 19,
Soybeans faced weakness on Wednesday, as contracts were down 5 to 6 cents in the nearbys. CmdtyView’s national front month Cash Bean price was down 4 1/4 cents at $9.46 1/4. Soymeal futures closed with front month losses of $1.50/ton, as Soy Oil futures were down 18 points on the day.
USDA’s Export Sales report is estimated to total 0.4 to 0.9 MMT for 2024/25 soybean sales in the week of March 13. New crop sales are pegged at 0-50,000 MT. Soybean meal is expected to total 140,000 to 470,000 MT, with bean oil at 15,000 to 60,000 MT.
Allendale estimates the 2025 soybean planted acreage total at 84.28 million acres according to a producer survey. Abiove estimates the Brazilian soybean crop at 170.9 MMT, which is down 0.8 MMT from their previous estimate.
May 25 Soybeans closed at $10.08 1/4, down 4 1/2 cents, Nearby Cash was $9.46 1/4, down 4 1/4 cents, Jul 25 Soybeans closed at $10.21 1/2, down 5 cents, Nov 25 Soybeans closed at $10.10, down 5 1/2 cents, New Crop Cash was $9.46 1/2, down 5 1/2 cents.
(Source: www.barchart.com)