Afternoon Soybeans: Marking time.
<div class=\"default-font-wrapper\" style=\"line-height: 1;font-size: 12pt; font-family: Verdana, Geneva, sans-serif;\">The soybean market was unable to sustain its overnight strength and gave back nearly the entire rally before regaining a solid bid mid-morning and firming over the second half of the day and into the close. Trade volume in the futures picked up from the previous two sessions, but it was another quiet day overall with little fresh Ag news of relevance. November beans settled 8 cents higher and 8 cents off the session high. The bean market has seen recent strength and short covering met with hedge selling and heavy supply side realities that have limited upside enthusiasm, leaving us with a near term choppy range. The nearby Nov-Jan bull spread rallied to an 18 cent carry, after reversing off the August contract low yesterday. Financial full carry on the spread is about 27 cents. In the cash, domestic basis was mixed with bids steady to lower at locations where they have their nearby needs covered while bids were firmer at other locations where coverage to stretch to new crop is still needed.<br> <br>For tomorrow’s weekly export sales report, the range of trade estimates on combined old/new crop corn sales is .550-1.450 mmt, wheat 300-700 tmt, beans .500-1.650 mmt, meal 50-650 tmt, and oil 0-20 tmt. There were daily sales reported for this period of 232 tmt of soybeans and 119 tmt of corn. <br> <br>Just ahead of the close, the Fed voted 11-1 for a 50 basis point rate cut to 4.75-5.00%, the first rate cut since 2020. The ‘dot plot’ signals the likelihood of 2 more rate cuts before the end of the year to the 4.25-4.50% range. In response, the dollar weakened, equities and gold rallied but those initial moves have each moderated or reversed since.<br> <br> <br>In the product trade, bean oil was the leader to the upside but similar to beans the market came down off its session high with a settlement .43 pts higher that was .53 pts off the high. Broader global veg oil strength was supportive. Meal was two sided and finished just a tick lower on the day. The oil share spread gained and settled at 3.85%, a near two-week high. Board crush margins were 3 cents weaker to $1.36/bushel.<br> <br>Elsewhere in the news, Chinese customs data showed August soybean imports totaled 12.14 mmt, an increase of 29% from the same month last year. Year to date soybean imports total 70.48 mmt, a 3% increase from the same period last year.<br> <br>Egyptian Supply Ministry on Wednesday estimated the country's Wheat reserves are sufficient for 6 months coverage, and vegoil stockpiles are enough for 7.4 months coverage which typically means a tender announcement is near.<br> <br>India food industry executives say the country's 24/25 edible vegoil consumption will rise by +2% to +3% in spite of a hike to the import duty. They expected 24/25 palm oil imports in a range between 9 to 10 mln mt, sunflower oil imports at 3.0 mln mt, and soyoil imports around 3.0 mln mt.<br> <br>Brazil’s 24/25 soybean planting has started in limited areas of the state of Mato Grosso but has not reached 1% of the intended area, according to IMEA.<br> <br>Argentina's government Wednesday raised the biodiesel price for mandatory blending by +2.00% to 984,865 pesos/mt, sugar based bioethanol price was raised by 2.00% to 657.416 pesos per liter, corn based bioethanol was raised by 2.00% to 602.545 pesos per liter.<br> <br>Malaysian Palm Oil Council on Wednesday say they believe September crude palm oil prices will remain stable; a stronger ringgit is expected to offset tighter supplies and steady exports to key destinations. Indonesia is expected to implement 40% biodiesel blending starting in January 2025.<br> <br> <br>Soybean Basis: <br>Location Spot <br>US Gulf off 1 to +64 <br>Cedar Rapids, IA steady -40x <br>Mankato, MN steady -15x <br>Decatur, IL steady -20x <br>Decatur, IN off 5 to -38x <br>Columbus, OH steady -30x <br> </div>