Soybean futures are trading down 12-16 cents, with cash prices also declining, as the market reacts to updated USDA data. The USDA revised down US soybean yield by 0.5 bpa to 53 bpa, reducing production by 48 mbu and total supply by 61 mbu, while also reporting 1.348 MMT in previously undisclosed sales, including to China. Despite these sales, a 50 mbu cut to export estimates resulted in a net 10 mbu decrease in ending stocks to 290 mbu, with global ending stocks also falling by 2 MMT.
Soybean futures are experiencing significant losses, with prices down 12 to 16 cents and the national average cash bean price falling 15 3/4 cents to $10.57 1/4. This decline follows the release of updated USDA data, which showed a US soybean yield reduction of 0.5 bushels per acre (bpa) to 53 bpa, leading to a 48 million bushel (mbu) decrease in production to 4.253 billion bushels (bbu). The revised USDA figures indicate a 61 mbu reduction in total supply to 2.59 bbu. Despite previously unreported large daily sales totaling 1.348 MMT, including 332,000 MT to China, the demand side saw a 50 mbu cut to export estimates. Consequently, US ending stocks were lowered by 10 mbu to 290 mbu. Globally, ending stocks decreased by 2 MMT to 121.99 MMT, driven by increased domestic use and exports in Brazil, and higher exports from Argentina. Traders are now anticipating Monday's NOPA data, with October crush projected at 209.52 mbu, which could provide further demand insights.
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mildly negative
Sentiment Score
-0.25
