Soybeans are trading 9 to 13 cents higher early on Friday morning. Bean futures posted losses across most contracts on Thursday with futures down 4 to 7 cents at the close. Soymeal continues to weigh on the market, with losses of $5.50/ton. Soy Oil was also lower on Thursday, with July down 16 points.
The 7-day QPF from NOAA is calling for rain across much of the US growing region over the next week. That won’t help to get the unplanted crop in the ground, but will be beneficial for over 2/3 of the US crop already planted.
Export Sales data is delayed until this morning due to the Monday US holiday. The trade is calling for 200,000-400,000 MT in old crop bean sales for the week of 5/23, with 0-150,000 MT for new crop. Meal sales are expected to be between 100,000-410,000 MT in total, with bean oil falling somewhere between net reductions of 5,000 to +20,000 MT in sales.
Jul 24 Soybeans closed at $12.09 3/4, down 4 1/4 cents, currently up 12 1/2 cents
Nearby Cash was $11.50, down 4 3/8 cents,
Aug 24 Soybeans closed at $12.08, down 5 3/4 cents, currently up 12 cents
Nov 24 Soybeans closed at $11.90, down 6 3/4 cents, currently up 9 1/2 cents
New Crop Cash was $11.34 1/8, down 7 1/4 cents,
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