Soybeans are facing midday weakness on Friday despite a slightly lower US yield estimate from USDA. Contracts are down 6 to 7 cents so far on the session. CmdtyView’s national front month Cash Bean price is down 6 cents at $9.46. Soymeal is up 20 cents/ton so far on the day. Soy Oil futures are down 23 points on the session.

USDA reported private export sale of 132,000 MT of soybeans to unknown destinations this morning.

Crop Production data pegged a slightly lower US soybean yield this morning at 53.1 bpa, down 0.1 from last month. That trimmed the US production total by 4 mbu to 4.582 billion bushels. NASS did note that while the producers’ surveys came after Hurricane Helene made landfall, “the full impact from the storm may not be reflected until future reports.” With the slight 2 mbu increase to 2023/24 carryover, the 2024/25 US stocks total came out to 550 mbu, unchanged from last month, as the World Ag Outlook Board adjusted residual accordingly. 

For the World numbers, the monthly WASDE saw no changes to the South American output totals. World ending stocks were up just a slight 0.07 MMT to 134.65 MMT. 

Nov 24 Soybeans  are at $10.08 1/2, down 6 1/4 cents,

Nearby Cash  is at $9.46, down 6 cents,

Jan 25 Soybeans  are at $10.24 1/2, down 7 cents,

May 25 Soybeans  are at $10.53 3/4, down 7 1/2 cents,