Soybeans closed the Wednesday session with contracts falling 10 to 16 ¾ cents. The cmdtyView national average Cash Bean price was down 16 1/2 cents at $11.27 1/2. Soymeal futures were down 30 cents to $3.10 in the front months on the session, with Soy Oil futures down 139 to 189 points at the close.
Crude oil was down $6.06 on the day following the US and Iran closing in on reaching a memorandum of understanding that would, among other things, allow for the safe passage through the Strait of Hormuz as well as a path to ending to conflict.
Export Sales data will be published on Thursday morning, with traders looking for 200,000-500,000 MT in 2025/26 soybean sales, for the last week of April. New crop sales are seen 0-100,000 MT. Soybean meal sales are seen in a range of 150,000-450,000 MT, with bean oil bookings expected to total net reductions of 12,000 MT to net sales of 20,000 MT.
Argus estimates the 2026/27 Brazilian soybean acreage total to grow just marginally from the year prior, citing higher production costs and El Nino risks.
Stats Canada data showed canola stocks at the end of March at 9.985 MMT, a 27.4% increase from the same time last year. Bean stocks were down 45.7% from last year at 1.497 MMT.
May 26 Soybeans closed at $11.79, down 16 3/4 cents,
Nearby Cash was $11.27 1/2, down 16 1/2 cents,
Jul 26 Soybeans closed at $11.94 3/4, down 16 3/4 cents,
Nov 26 Soybeans closed at $11.75 1/2, down 14 cents,
New Crop Cash was $11.14 1/2, down 14 cents,
