Soybeans Fall with Profit Taking and Product Pressure

Soybeans were in the red on Wednesday with front months down 15 to 17 ¼ cents at the close. 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.

USDA reported another 330,000 MT of soybeans sold to China via their daily announcement system this morning. That followed the 792,000 MT from Tuesday. 

Delayed Census data was reported this 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. 

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.

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. 

ANEC estimates the Brazilian soybean exports at 4.71 MMT in November, a 0.45 MMT increase from the previous estimate last week. Safras & Mercado estimates the Brazilian soybean crop at 178.76 MMT, down 2.16 MMT from their previous estimates.

Jan 26 Soybeans  closed at $11.36 1/4, down 17 1/4 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,

May 26 Soybeans  closed at $11.52 1/2, down 14 3/4 cents,

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