Soybeans Still Weaker on Wednesday
Soybeans are trading with midday weakness on Wednesday, as contract are down 2 to 6 cents. CmdtyView’s national front month Cash Bean price is down 6 1/4 cents at $9.72 ¾. Soymeal futures are down$4.50/ton, with Soy Oil futures up another 79 points so far on the day.
USDA reported a private export sale of 135,000 MT of soybean meal for 2024/25 shipment to the Philippines this morning.
Weekly Export Sales data will be released on Thursday morning, with traders looking for 250,000-800,000 MT in old crop soybean sales during the week of March 27. Sales for new crop are seen in the range of 0-50,000 MT. Soybean meal sales are estimated to be between 100,000-300,000 MT, with 5,000-40,000 MT for soy oil.
The monthly Fat & Oils from Tuesday afternoon, showed 189.01 mbu of soybeans crushed during February. That was slightly ahead of analysts estimates, down 2.28% from last year’s 29-day Feb total and 11.07% below January. Bean oil stocks were tallied at 1.924 billion lbs.
May 25 Soybeans are at $10.29, down 5 1/4 cents,
Nearby Cash is at $9.72 3/4, down 6 1/4 cents,
Jul 25 Soybeans are at $10.44 1/2, down 4 3/4 cents,
Nov 25 Soybeans are at $10.36 3/4, down 2 1/2 cents,
New Crop Cash is at $9.74 1/4, down 3 1/2 cents,
On the date of publication, Austin Schroeder 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.