Soybeans posted 6 to 10 cent gains across the nearbys on Thursday, bouncing back from the Wednesday losses. CmdtyView’s national front month Cash Bean price was down 9 1/2 cents at $10.05 ¾. Soymeal futures were mixed, down 50 cents in the nearbys and up 10 to 50 cents in the deferreds. Soy Oil futures were rebounding from Wednesday with contracts up 39 to 62 points.

Release of the Weekly Export Sales data has been pushed back to Friday due to the Monday holiday. Analysts surveyed by Reuters are looking for 0.6 to 1.8 MMT in 2024/25 bean sales, with 0-50,000 MT for 2025/26. Meal is estimated to be 100,000-450,000 MT, with 10,000-60,000 MT for bean oil. 

Brazilian basis bids are indicated lower due to snags in unloading at Chinese ports.  The Brazilian ag ministry confirmed issues with pesticide and insects in the recently rejected cargos, but insists that the problem is limited to 5 firms and will not materially impact exports to China overall. The Buenos Aires Grain Exchange trimmed their Argentina soybean estimate at 49.6 MMT, down 1 MMT from their previous number. Argentina is cutting their soybean export tax from 33% to 26% starting on January 26, with meal and bean oil down from 31% to 24.5%.

Mar 25 Soybeans  closed at $10.65 1/2, up 9 1/2 cents,

Nearby Cash  was $10.05 3/4, up 9 1/2 cents,

May 25 Soybeans  closed at $10.77 3/4, up 9 1/2 cents,

Nov 25 Soybeans  closed at $10.53 1/4, up 6 1/2 cents,

New Crop Cash  was $9.89 3/4, up 7 1/4 cents,