Soybean Losses Continue on Thursday

Market Overview - Soybeans experienced losses ranging from 9 to 13 ¾ cents in the front months, with deferred contracts down by 3 to 7 ½ cents, indicating a sell-off as China’s purchases slow down [1] - The national average cash bean price decreased by 13 ½ cents to $10.49 ¼ [1] Export Data - Soybean export bookings for the week of October 2 reached 919,447 MT, which is a three-week high but down 8.6% compared to the same week last year, falling within the trade range estimates of 0.6 to 1.6 MMT [2] - Soy meal sales were reported at 328,300 MT, exceeding the estimates of 150,000 to 350,000 MT, while bean oil sales showed net reductions of 11,800 MT [2] Sales to China - The USDA reported an additional 462,000 MT of soybeans sold to China, bringing the total known sales to China for the week to 1.812 MMT [3] - Total soybean sales to China this week reached 1.122 MMT [3] Production and Consumption - The International Grains Council adjusted world soybean production down by 2 MMT, while consumption increased by 1 MMT, leading to a reduction in ending stocks by 2 MMT to 77 MMT [3] Futures Market - January 26 Soybeans closed at $11.22 ½, down 13 ¾ cents; Nearby Cash was at $10.49 ¼, down 13 ½ cents; March 26 Soybeans closed at $11.32, down 12 ½ cents; May 26 Soybeans closed at $11.41 ½, down 11 cents [3]