Soybeans slipped lower on Tuesday despite tightening world supplies per USDA data, as contracts closed with 2 to 6 cent losses, led by the front months. CmdtyView’s national front month Cash Bean price was down 6 cent at $9.82 3/4. Soymeal futures were down $3.60/ton, as they failed to find much buying after the Argentina crop cut in try sell the fact action. Soy Oil futures were 39 points higher at the close, as gains in crude oil futures were supportive. 

The monthly WASDE report from this morning showed USDA leaving the S&D alone, with ending stocks for 2024/25 soybeans at 380 mbu. The cash average price from USDA showed a 10 cent drop to $10.10.

South American productions was revised, though Brazil was left unchanged at 169 MMT. Argentina production was cut by 3 MMT to 49 MMT, citing the persistent heat and dryness. World stocks of beans were slashed by another 4.03 MMT to 124.34 MMT, thanks in part to the Argentina number. 

Brazil’s February exports are tallied at 10.1 MMT according to the latest ANEC estimate, up 330,000 MT from their previous number. Crop estimates from AgResource showed a slightly higher Brazilian bean crop at 172.28 MMT, with Patria Agronegocios cutting their projection by 1.07 MMT to 165.87 MMT.

Mar 25 Soybeans  closed at $10.43 1/2, down 6 cents,

Nearby Cash  was $9.82 3/4, down 6 cents,

May 25 Soybeans  closed at $10.60 1/4, down 5 1/4 cents,

Nov 25 Soybeans  closed at $10.55 1/2, down 2 cents,

New Crop Cash  was $9.91 1/4, down 2 cents,