Soybean Losses Continue Ahead of USDA Report

Market Overview - Soybean futures experienced a decline of 5 to 6 cents in the front months on Tuesday morning, following losses of 8 to 11.5 cents across most contracts on Monday [1] - The national average Cash Bean price decreased by 11.5 cents to $10.23, while soymeal futures fell between 20 cents to $1.30 [1] - Soy Oil futures recorded losses ranging from 34 to 51 points, with 6 deliveries against December soybean oil overnight [1] Export Data - The Export Inspections report indicated that 1.018 MMT (37.41 million bushels) of soybeans were shipped in the week of December 4, which is 41.4% lower than the same week last year but 10.6% higher than the previous week [2] - Mexico was the largest buyer, importing 132,050 MT, followed by China with 119,895 MT and Indonesia with 91,171 MT [2] - The total marketing year shipments now stand at 12.9 MMT (473.98 million bushels), reflecting a 45.2% decrease compared to the same period last year [2] Sales and Stock Data - The USDA Export Sales report for the week ending November 6 showed soybean bookings at 510,554 MT, marking a marketing year low, with only 232,000 MT sold to China during that week [3] - The WASDE data update is anticipated, with expectations of US soybean ending stocks at 306 million bushels, an increase of 16 million bushels from the previous month if realized [3] Policy Changes - The Argentine economy minister announced a reduction in the soybean export tax by 2 points to 24%, with product taxes also decreasing by 2 points to 22.5% [4]