On Wednesday, the scoreboards for oilseeds lit up in deep red. Soybeans closed the day down 11 to 16 cents, with the front dates leading the losses. The meal futures also came under pressure and recorded losses. The subdued buying mood of market participants is mainly due to the outlook of the latest WASDE report. Despite slightly lower overall production, the USDA continues to expect production at a record level.
This morning, the USDA reported the sale of 120,000 metric tons of soybeans to unknown destinations for shipment in 2024/25. The weekly export sales report will be released on Thursday morning. Traders expect sales of 300,000 to 800,000 tons of alternate soybeans and another 0 to 50,000 tons for new crop shipments for the week ending February 6. Flour sales are expected to be in the range of 200,000 to 625,000 tons, while bean oil sales are expected to be between 0 and 35,000 tons.
