Soybeans are trading with 1 to 7 cent losses on Thursday morning, with the nearbys feeling the brunt of the pressure. Futures slipped even further into the Wednesday close, as most contracts were down 10 to 12 cents at the final bell. Preliminary open interest suggested net new selling, up 7,643 contracts on Wednesday. There were 308 deliveries against July soybeans overnight. The cmdtyView national average Cash Bean price was down 12 1/2 cents at $9.68 ½. Soymeal futures were down a dime to $1.40/ton, as Soy Oil was 45 to 82 points lower. There were 148 deliveries issued for July meal overnight, with the month’s total at 4,195.

CONAB trimmed back their 2024/25 soybean production estimate for Brazil by 0.12 MMT to 169.48 MMT.

Weekly Export Sales data will be out on Thursday morning, with the trade looking for 300,000 to 600,000 MT in the week of July 3 for old crop, with 50,000 to 400,000 MT seen for new crop. Soybean meal is seen in a range of 125,000 to 950,000 MT in that week and 0 to 30,000 MT for bean oil. 

The Central Corn Belt is expected to receive 1 to 3 inches of rain this week, with the western half of the Northern Plains and parts of the ECB seeing totals near an inch 

Ahead of the Friday USDA reports, analysts are expecting to see the a 10 mbu increase in the old crop bean stocks to 360 mbu. As for new crop, the Bloomberg survey showed traders looking for a 7 mbu reduction to output on the slight drop in acres to 4.333 bbu. Ending stocks for 2025/26 are estimated at 302 mbu, a 7 mbu increase vs. June. 

Jul 25 Soybeans  closed at $10.12 1/4, down 12 cents, currently down 7 cents

Nearby Cash  was $9.68 1/2, down 12 1/2 cents,

Aug 25 Soybeans  closed at $10.09, down 12 1/4 cents, currently down 5 1/2 cents

Nov 25 Soybeans  closed at $10.07 1/4, down 10 1/4 cents, currently down 1 3/4 cents

New Crop Cash  was $9.58, down 10 1/2 cents,