Soybeans are showing mixed action early on Friday, with front months up 1 to 2 ½ cents and new crop fractionally lower. The soybean market was in sell mode on Thursday, with contracts down 18 to 24 cents in most nearby contracts at the close. CmdtyView’s national front month Cash Bean price was down 23 1/4 cents at $9.60 1/2. Soymeal futures were $$6.50 to $7/ton lower to close out the day. Soy Oil futures were 123 to 128 points in the red on the session. The next 7 days is expected to be dry in Argentina, with the 8-14 day period turning wetter. 

Thursday morning’s Export Sales report showed a bounce back in business following the holiday week to 569,142 MT for 2024/25 sales in the week that ended on 1/9, in the middle of the trade estimates between 300,000 and 800,000 MT. That was a 3-week high and nearly double the previous week. China was the top buyer of 213,900 MT, with 179,200 MT sold to Bangladesh. Unknown cancelled a total of 648,100 MT, most of which was switched to a destination. 

Soybean meal sales came in at 145,548 MT, below the 150,000 to 300,000 MT estimates. Bean oil bookings were tallied at 57,299 MT, exceeding trade ideas of 10,000 to 50,000 MT.

The International Grains Council raised their world soybean production estimate by 1 MMT, as stocks were up by 2 MMT to 84 MMT, which is up 11 MMT from last year. 

Mar 25 Soybeans  closed at $10.19, down 23 3/4 cents, currently up 3 cents

Nearby Cash  was $9.60 1/2, down 23 1/4 cents,

May 25 Soybeans  closed at $10.31 1/2, down 23 3/4 cents, currently up 1 cent

Nov 25 Soybeans  closed at $10.20 3/4, down 18 1/2 cents, currently down 3/4 cent

New Crop Cash  was $9.55 1/2, down 18 cents,