Soybeans posted losses of 6 to 9 cents across most contracts on Wednesday.  CmdtyView’s national front month Cash Bean price is down 7 1/4 cents at $9.88. Soymeal futures are back down 20 to 80 cents/ton, with Soy Oil futures were falling back another 27 to 58 points. 

There is some pressure as we head into the end of the month. Precipitation is limited in parts of the Midwest for much of the next week, with some heavier totals in part of IL. This should allow for planting to continue ahead of normal.

A Bloomberg survey of analyst shows estimated March soybean crush at 205.9 million bushels, up 1.2% from last year if realized. The report will be released on Thursday afternoon. EIA data showed 576 million gallons of soybean oil feedstock in biodiesel/renewable biodiesel in February. That was a drop of 11.91% from last month, 33.13% below last year’s total, and the lowest total for any month since February 2021.

Traders expect USDA to show between 150,000 and 600,000 MT of old crop soybean sales in the week of 4/24, with new crop in a range of 0 to 100,000 MT. Soybean meal sales are expected to be 150,000 to 450,000 MT, with estimates of 4,000 to 30,000 MT for bean oil.

May 25 Soybeans  closed at $10.34 3/4, down 6 1/4 cents,

Nearby Cash  was $9.88 1/1, down 7 1/4 cents,

Jul 25 Soybeans  closed at $10.44 1/2, down 8 1/4 cents,

Nov 25 Soybeans  closed at $10.18 1/4, down 7 cents,

New Crop Cash  was $9.56, down 7 1/2 cents,