Soybeans are feeling another round of bean oil pressure, with midday losses of 9 to 11 cents. The cmdtyView Cash Bean price is down 9 1/4 cents to $9.96. Soymeal futures are up $0.60/ton on the day, with Soy Oil futures 165 points lower.

Bean oil is pulling back on the day, following reports that the White House is looking to address the backlog of small refinery exemptions. The RIN market fell off, adding pressure on soy oil.

Export Sales data from this morning showed 146,034 MT in old crop bean sales, coming in below analysts estimates of 150,000 to 500,000 MT. That was a 15-week low and down 55.8% from last year.  Mexico was the buyer of 52,200 MT, with 2,400 MT sold to Indonesia.  New crop totaled 32,000 MT, vs. estimates of 0 to 250,000 MT. 

 

Soybean meal sales came in at 603,169 MT in total, above the expected range of 150,000 to 450,000 MT, with 424,649 MT for the current MY. That was the largest since October. Of the large total for 2024/25, the Philippines bought 158,400 MT, with 97,000 MT to Japan. Bean oil sales were 19,542 MT, within the range of estimates of 5,000 to 32,000 MT. That was also a 7-week high. 

A wetter pattern over the next week from the Northern Plains to the ECB is adding pressure.

Jul 25 Soybeans  are at $10.42 1/2, down 9 1/4 cents,

Nearby Cash  is at $9.96, down 9 1/4 cents,

Aug 25 Soybeans  are at $10.38, down 10 1/2 cents,

Nov 25 Soybeans  are at $10.27 1/2, down 9 3/4 cents,

New Crop Cash  is at $9.69 1/2, down 5 1/2 cents,