Soybeans were under pressure for much of the Thursday session with contracts down 25 to 28 cents at the close, pressured by losses in bean oil. The cmdtyView Cash Bean price was down 25 cents to $10.02. Soymeal futures were up $4.40/ton on the day, with Soy Oil futures down the 3 cent limit. 

Bean oil is the pressure factor on Thursday, with wire reports of rumors that the EPA submitted the biomass diesel RVO for review at 4.65 billion gallons. If true, it is well below the previous expected 5.25 billion gallons that was proposed by an alliance of biofuel and oil producers.

USDA’s Export Sales report indicated a total of 282,427 MT of 2024/25 sales in the week of May 8, on the lower end of analysts’ estimates of 200,000 to 500,000 MT. That was a drop from last week but still 6.3% above the same week in 2024. Egypt was the buyer of 177,100 MT, with 83,300 MT sold to Indonesia. New crop business was tallied at 490,261 MT, near the top end of the 350,000 to 500,000 MT expectations. That was the largest total this MY, with Pakistan buying 345,000 MT. 

Soybean meal sales came in on the high side of the trade 90,000 to 350,000 MT in the week of May 8 at 319,352 MT, with 286,665 MT for the current marketing year. Bean oil sales were pegged at 14,072 MT, in the middle of estimates of between 0 to 34,000 MT.

NOPA data from morning showed a total of 190.226 million bushels of soybeans crushed among members in April, well above estimates. That was a slight drop of 2.22% from last month but 12.27% above a year ago. Bean oil stocks well above estimates at 1.53 billion lbs, which was up 1.96% vs. the end of March but still 16.64% below last year. 

Brazil’s soybean production estimate from CONAB showed a 0.47 MMT increase to 168.34 MMT. 

Jul 25 Soybeans  closed at $10.51 1/4, down 26 1/2 cents,

Nearby Cash  was $10.02, down 25 cents,

Aug 25 Soybeans  closed at $10.47 1/4, down 27 1/4 cents,

Jan 26 Soybeans  closed at $10.46 3/4, down 25 1/4 cents,

New Crop Cash  was $9.72 0/1, down 26 cents,