Soybeans fell back by 9 to 10 cents in the front months on Wednesday. The cmdtyView national average Cash Bean price was 8 3/4 cents lower at $10.45. Soymeal futures were down 20 cents to $1.70, with Soy Oil futures 89 to 101 points lower. There were 3 deliveries issued against December soybean meal overnight, with 128 for December bean oil.
Earlier this morning Treasury Secretary Bessent stated that China is in perfect cadence to complete the promised soybean purchases. Known purchases via USDA’s daily Export Sales reporting system are just over 2.25 MMT, of the reported 12 MMT commitments, which are now expected to be complete by the end of February (vs. the end of the calendar year as administration officials previously suggested).
USDA will continue their back logged update of Export Sales reports on Thursday, with traders looking for between 0.6-2 MMT in soybean bookings in the week of 10/30. We should get out first look at initial Chinese purchases (100,000 MT known in that week). Soybean meal sales are seen between 200,000 and 450,000 MT, with 5,000 to 25,000 MT for soybean oil.
Statistics Canada will release 2025/26 production on Thursday morning, with tracers looking for canola output estimated at 21.25 MMT.
Jan 26 Soybeans closed at $11.15 3/4, down 9 cents,
Nearby Cash was $10.45, down 8 3/4 cents,
Mar 26 Soybeans closed at $11.25 1/2, down 9 1/2 cents,
May 26 Soybeans closed at $11.34 3/4, down 10 cents,
