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Soybeans Losses Extending on Friday Following USDA Release
Soybeans are showing losses extending 3 to 7 cents so far on Friday. The cmdtyView national average Cash Bean price is down 5 3/4 cents at $9.66. Soymeal futures re down 50 to 80 cents/ton, as Soy Oil was 25 to 31 points higher. USDA reported a private export sale of 219,000 MT of new crop soybeans to Mexico this morning. The monthly WASDE update from USDA showed a 15 mbu increase to their US export figure, which was offset by a 15 mbu cut to residual. That left the old crop carryout at 350 mbu. For new crop there were several more adjustments made, with production timed by 5 mbu to 4.335 bbu on a reduction to acreage. Exports were slashed by 70 mbu, with crush raised by 50 mbu. That helped to raise the projected carryout to 310 mbu, up 15 mbu. On the world side of the USDA balance sheets, Argentina production for 2024/25 was up 0.9 MMT to 49.9 MMT, with Brazil left at 169 MMT. The projected 2025/26 world ending stocks number was raised by 0.77 MMT to 126.07 MMT. Jul 25 Soybeans are at $10.15 1/2, up 3 cents, Nearby Cash is at $9.66, down 5 3/4 cents, Aug 25 Soybeans are at $10.06, down 6 1/2 cents, Nov 25 Soybeans are at $10.08 3/4, down 5 cents, New Crop Cash is at $9.60 0/1, down 4 1/4 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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