05/09/2024 (Barchart) - Soybeans are pulling off the early morning lows, with contracts down 2 to 3 cents in the nearbys at midday. Soymeal futures are dropping $5.50/ton in October. Soy Oil futures are back up 101 points in a rebound. There were no deliveries against September soybean meal or oil overnight, with 4 issued against September soybeans.

A couple private export sales of 2024/25 soybeans were reported this morning, with 126,000 MT sold to China and 189,700 MT to unknown destinations.

Weekly Export Sales data will be delayed until Friday morning due to Monday’s Holiday. Traders are calling for net reductions of 200,000 MT to net sales of 200,000 MT for 2023/24. New crop sales are expecting to total 800,000 MT to 2 MMT in the week of August 29. Meal sales are seen as totaling 150,000 to 650,000 MT in that week, with 0 to 20,000 MT for total soy oil sales.

US soybean yield was trimmed by 0.4 bpa according to the latest StoneX estimate. They raised the production total by 92 mbu to 4.575 bbu on increased acreage.

Sep 24 Soybeans  are at $9.99 1/2, down 6 1/2 cents,

Nearby Cash  is at $9.56 3/8, down 2 1/4 cents,

Nov 24 Soybeans  are at $10.19 1/4, down 2 1/4 cents,

Mar 25 Soybeans  are at $10.51 3/4, down 2 cents,

New Crop Cash  is at $9.56 3/8, down 2 1/4 cents,

https://www.barchart.com/story/news/28389490/soybeans-weaker-on-thursday-but-off-the-lows