The soybean market is trading with 3 to 4 cent losses early on Wednesday. Soybeans posted weakness on Tuesday, with contracts down 2 to 3 cents across the nearbys on the day. Preliminary open interest was up 7,115 contracts on Tuesday. CmdtyView’s national front month Cash Bean price was down 2 1/2 cents at $9.51 3/4. Soymeal futures added pressure on the session, with losses of $1.70 to $4.40/ton. Soy Oil futures are trying to lead the complex higher, up 38 to 46 points.
The current soybean/corn ratio is at 2.24, favoring a shift to corn acres. S&P Global estimates the 2024 soybean planting total at 83.3 million acres, steady with their January estimate and down 3.8 million acres from a year ago.
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Brazil’s soybean exports for March are estimated to total 15.56 MMT according to ANEC, which is up 0.11 MMT from their previous estimate. Meal sales are estimated at 2.6 MMT, up 0.22 MMT from their prior number.
EU soybean imports have totaled 9.6 MMT in the MY year, which is up from 8.98 MMT in the same period last year.
May 25 Soybeans closed at $10.12 3/4, down 2 3/4 cents, currently down 3 3/4 cents
Nearby Cash was $9.51 3/4, down 2 1/2 cents,
Jul 25 Soybeans closed at $10.26 1/2, down 2 3/4 cents, currently down 3 3/4 cents
Nov 25 Soybeans closed at $10.15 1/2, down 3 cents, currently down 4 cents
New Crop Cash was $9.51, down 3 cents,
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