Soybeans Dropping on Wednesday Morning with Meal Weakness

Austin Schroeder Barchart Wed Oct 2, 7:34AM CDT
Rows of soybean crop by Olga Seifutdinova via iStock

Soybeans are trading with 8 to 10 cent losses so far on Wednesday morning, as nearby Meal is down $12.50/ton. Beans settled the Tuesday session with contracts up fractionally to 1 3/4 cents. CmdtyView’s national front month Cash Bean price was down 1/4 cent at $9.95 3/4. Soymeal continued to lead the charge, up another $1 to $5.90/ton in the nearbys and some 2025 contracts down a dime to $1. Soy Oil futures were down 3 to 60 points on the day.

USDA’s monthly Fats & Oils report indicated a total of 167.54 mbu of soybean crushed during August. That was a 13.31% drop from July and a 0.85% decline from August 2023. The full marketing year crush total 2.287 bbu, compared to the 2.295 bbu estimated from WAOB earlier this month. 

StoneX estimates the Brazilian soybean crop at 165.03 MMT for 2024/25, steady with the previous estimate. On the US side, they increased the soybean yield by 0.5 bpa to 53.5 bpa, with production expected at 4.613 bbu and 38 mbu above the prior number.

Nov 24 Soybeans  closed at $10.57 1/4, up 1/4 cent, currently down 10 cents

Nearby Cash  was $9.95 3/4, down 1/4 cent,

Jan 25 Soybeans  closed at $10.75 1/2, up 1/4 cent, currently down 9 cents

May 25 Soybeans  closed at $11.02 3/4, up 1 1/4 cents, currently down 8 1/2 cents 


On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.