Soybeans are showing fractional to 2 cent weaker trade to kickoff Thursday. Futures failed to hold the early Wednesday strength, as contracts closed fractionally mixed on Wednesday. Open interest rose 6,657 contracts. The cmdtyView national average Cash Bean price is down 4 cents at $10.64 1/2. Soymeal futures were down $1.90 to $4.50 in the front months, with Soy Oil futures 107 to 132 points higher. Strength in the bean oil side is from a report that the EPA is expected to send the 2026 biofuel blending quotas to the White House for review this week.
The annual USDA Ag Outlook Forum showed 85 million acres for soybean planted expected this spring. That matched trade estimate and would be an increase of 3.8 million acres from last year if realized. Actual survey driven data will be released in the March intentions report in just over a month. Soybean production was estimated at 4.45 bbu, with yield at 53 bpa.
ANEC estimates the Brazilian soybean export total in February at 11.46 MMT, down 0.25 MMT from last week’s number. That would still be 5 MMT above the total from last year.
Mar 26 Soybeans closed at $11.33 1/2, down 1/2 cent, currently down 1/2 cent
Nearby Cash was $10.68 1/1, down 1/2 cent,
May 26 Soybeans closed at $11.49, up 1/4 cent, currently down 1 cent
Jul 26 Soybeans closed at $11.61 1/2, down 1/4 cent, currently down 1 1/4 cents
