Soybeans Head Higher on Wednesday
Soybeans rounded out the Wednesday session with contracts 4 ½ to 10 ¼ cents higher. Soymeal continued the weakness, with contracts 30 cents to $3.70/ton lower. Soy Oil was 16 to 28 points higher across the board.
Export Sales data will be released on Thursday, with the trade range of estimates at 100,000 to 700,000 MT for old crop and up to 200,000 MT for new crop beans during the week of April 25. Soybean meal bookings are seen as totaling 150,000 to 400,000 MT, with bean oil bookings at et reduction of 5,000 to sales of 10,000 MT.
The monthly Fats & Oils report from USDA showed 203.7 mbu of soybeans crushed during March, below the 205.9 mbu estimate. That was up 2.91% from last year and a record for the month (though not an all time record), as well as 5.05% above February. Soy oil stocks were tallied at 2.369 billion lbs, above the 2.294 trade estimate and the largest total since last May.
May 24 Soybeans closed at $11.55 3/4, up 10 1/4 cents,
Nearby Cash was $11.09 3/4, up 8 cents,
Jul 24 Soybeans closed at $11.70 1/4, up 7 1/4 cents,
Nov 24 Soybeans closed at $11.65, up 5 1/2 cents,
New Crop Cash was $11.01 3/4, up 3 7/8 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.