Soybeans futures are showing fractional to 9 cent gains so far on Wednesday. Soymeal futures are down $3.80/ton at midday, with Soy Oil futures back up 94 points across the front months.
Soybean export sales in the week that ended on June 20 are estimated between 300,000 and 600,000 MT for the 2023/24. New crop bookings are seen at 0 to 200,000 MT. Soy meal sales are expected to to range 150,000 to 300,000 MT, with bean oil between 0 and 26,000 MT.
Soybean acreage estimates ahead of Friday’s survey driven Acreage report are for 86.753 million acres. That would be 243,000 acres above the March Intentions number. The range of estimates in the various surveys runs about 1 million acres in either direction at 85.5 to 87.5 million acres. Any flooding related area losses will be deducted later on from harvested acres, and not in this report.
Quarterly Grain Stocks data is expected to show 962 mbu of soybeans on hand at the end of the third quarter (June 1). That would be up 166 mu from last year’s 796 mbu, with trade ideas anywhere from 861 mbu on the low end to 1.015 bbu for those more bearish.
Jul 24 Soybeans are at $11.72, up 8 3/4 cents,
Nearby Cash is at $11.17 1/4, up 7 1/2 cents,
Aug 24 Soybeans are at $11.49 3/4, up 4 1/4 cents,
Nov 24 Soybeans are at $11.11 3/4, up 1/4 cent,
New Crop Cash is at $10.58 5/8, up 1/4 cent,
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