Soybeans closed out Wednesday with losses of 1 to 3 ¼ cents across the board, pulling off the early session gains. The cmdtyView national average Cash Bean price was 2 cents lower at $9.33 3/4. Soymeal futures were down $1 to $3.40 on the day, with Soy Oil futures closing 1 to 6 points lower.
A private export sale of 101,400 MT of soybean meal was reported to Guatemala for 2025/26 by the USDA this morning.
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Export Sales data will be released on Thursday morning, as traders are looking for between 0.6 and 1.6 MMT in soybean sales in the week of 9/18. Meal sales are seen at 150,000 to 450,000 MT in total, with bean oil between net reductions of 10,000 and sales of 30,000 MT.
Earlier this morning Secretary Bessent tweeted that the US “stands ready to purchase secondary or primary government debt and we are working with the Argentine government to end the tax holiday for commodity producers converting foreign exchange.” The ‘tax holiday’, or suspension of export taxes is expected to last until October 31 or until $7 billion in exports is reached. Thus far, an estimated $4.18 billion has been sold since the tax has been lifted.
Brazilian soybean exports for September are expected to total 7.15 MMT according to ANEC, which is a 0.38 MMT drop from the estimate last week.
Nov 25 Soybeans closed at $10.09, down 3 cents,
Nearby Cash was $9.33 3/4, down 3 cents,
Jan 26 Soybeans closed at $10.28 1/2, down 3 1/4 cents,
Mar 26 Soybeans closed at $10.44 3/4, down 3 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.
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