Soybeans traded in an 8 cent range overnight, mostly +/-4c from UNCH, and are fractionally to 3 cents weaker into the day session. Front month soybeans were up by 6 ½ to 8 ¼ cents on Wednesday, with a midweek recovery in meal and follow through strength in the oil. Soymeal prices closed $1.50 to $1.70 in the black on the day. Nearby Soy Oil futures ended with 22 to 25 point gains. Soybean preliminary open interest was up only 174 contracts, suggesting rotation of ownership on Wednesday rather than new directional bets.
Traders are looking for USDA to show soybean weekly export sales were 200,000 to 600,000 MT in the week ending March 28. Sale ideas for 2024/25 delivery are zero to 200,000 MT.
StoneX lowered their estimate for Brazilian soybean production via lower yields in MGDS, Sao Paulo, and Parana. The new output estimate is set at 150.8 MMT.
May 24 Soybeans closed at $11.82 1/4, up 8 1/4 cents, currently down 2 cents
Nearby Cash was $11.28 1/1, up 8 3/4 cents,
Jul 24 Soybeans closed at $11.95 1/4, up 7 1/2 cents, currently down 2 1/4 cents
Nov 24 Soybeans closed at $11.84 3/4, up 7 3/4 cents, currently down 3/4 cent
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 Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
