The soybean market saw is posting weakness at Monday’s midday, with losses of 7 to 11 cents. There were 142 deliveries for March soybeans overnight, all by a JP Morgan Customer and stopped by the Bunge House account. The cmdtyView national front month Cash Bean price was down 10 cents at $9.49 1/2. Soymeal futures are down $1.20/ton at midday, with Soy Oil futures 131 points lower. There were another 34 deliveries for March bean meal overnight, with 165 delivery notice for March bean oil. 

The USDA reported a private export sale of 195,000 MT of soybeans to unknown destinations this morning for 2024/25.

Weekly Export Inspections data showed a total of 844,218 MT (31.02 mbu) of soybeans shipped in the week of 3/6. That is up 20.6% from the week prior and a 7.6% increase vs. the same week last year. China was the top destination of 276,437 MT in that week, with 133,079 MT to Indonesia and 129,269 MT to Germany. Marketing year exports are 38.44 MMT (1.412 bbu), which is still 9.6% larger than the same point last year.

USDA’s WASDE report will be out on Tuesday, with traders looking for no major changes to the US carryout number at 379 mbu. The average trade guess for the Argentine output is at 48.9 MMT vs. 49 MMT in February, with Brazil expected up 0.5 MMT at 169.5 MMT.

Commitment of Traders data from Friday showed speculators flipping back to a net short position by 43,696 contracts to a net short of 35,487 contracts. 

The Brazilian soybean crop is estimated at 61% harvested, ahead of the 55% pace from the same week last year.

Mar 25 Soybeans  are at $10.03, down 7 1/4 cents,

Nearby Cash  is at $9.49 1/2, down 10 cents,

May 25 Soybeans  are at $10.14 3/4, down 10 1/4 cents,

Nov 25 Soybeans  are at $10.17 3/4, down 7 3/4 cents,

New Crop Cash  is at $9.53 1/4, down 7 3/4 cents,