Soybeans are failing to get much upside reaction to the export business announced this morning or the better than expected Export Sales report. Futures are down 12 to 14 cents at midday an near the intraday lows. CmdtyView’s national front month Cash Bean price is down 12 1/4 cents at $9.27. Product pressure continues to be a factor. Soymeal futures are down $2.10/ton, but Soy Oil futures are down another 111 points.

Rains are expected to continue in most of Brazil in the next week, though some are on the lighter side of the normal amounts for this period. 

USDA reported a private export sale of 198,000 MT of soybeans to China this morning for 2024/25, with another 135,000 MT to unknown. There was also 133,000 MT of soybean meal reported to the Philippines. 

The weekly Export Sales report from this morning tallied soybean sales at 1.861 MMT for 2024/25. That exceeded the trade range of estimate of 1 to 1.6 MMT in the week of 11/14. That was up 19.6% from last week and mor than double the same week last year. China was the lead buyer of 1.197 MMT, with Mexican importers buying 169,000 MT and the Netherlands in for 143,400 MT. 

Sales for meal were 275,629 MT, on the lower end of the range of estimates of 210,000 to 490,000 MT and down 9.1% from last week. Bean oil bookings were tallied at 21,947 MT in the middle of the 5,000 and 35,000 MT estimates.

The International Grains Council lowered their projected world production total in their latest estimate by 2 MMT to 419 MMT. Stocks were down 4 MMT to 82 MMT on an increase to consumption. 

Jan 25 Soybeans  are at $9.78, down 12 1/2 cents,

Nearby Cash  is at $9.27, down 12 1/4 cents,

Mar 25 Soybeans  are at $9.85 1/2, down 13 3/4 cents,

Jul 25 Soybeans  are at $10.11 1/4, down 14 cents,