Soybeans are trying to take back some of Wednesday’s weakness, with Thursday AM gains of 1 to 3 cents. Futures were in the red on Wednesday with front months down 15 to 17 ¼ cents at the close. Open interest was up 1,850 contracts on Wednesday. The cmdtyView national average Cash Bean price was 17 cents lower at $10.63 3/4. Soymeal futures were back down $9, with Soy Oil futures 105 points lower. A Reuters report indicated the EPA may delay their 50% cut to credits on imported feedstocks from the previously proposed 2026 start date.
Soybean export bookings are expected to be reported in a range of 0.6 to 1.6 MMT for the week of 10/2. USDA will release the delayed report on Thursday morning, with soy meal seen in between 150,000 and 350,000 MT and bean oil at 0-25,000 MT.
USDA reported another 330,000 MT of soybeans sold to China via their daily announcement system on Wednesday morning. That followed the 792,000 MT from Tuesday and takes the total known sales to China to 1.35 MMT.
Delayed Census data was reported on Wednesday morning, with August exports at 2.273 MMT (83.53 mbu). That was a 3-year high for the month, and 29.85% above July. Soybean meal exports were tallied at 1.336 MMT, a record for August but a slight 4.03% drop from July.
Commitment of Traders data from the week of September 30 showed managed money increasing their net short in soybean futures and options by 9,410 contracts. That brough their net short to 38,712 contracts at the end of September.
Jan 26 Soybeans closed at $11.36 1/4, down 17 1/4 cents, currently up 2 1/2 cents
Nearby Cash was $10.63 3/4, down 17 cents,
Mar 26 Soybeans closed at $11.44 1/2, down 15 3/4 cents, currently up 2 3/4 cents
May 26 Soybeans closed at $11.52 1/2, down 14 3/4 cents, currently up 2 1/2 cents
