Soybeans are posting gains of 2 to 4 cents across most contracts on Wednesday. Soymeal futures are down 60 cents in the September contract. Soy Oil is up 17 points in the front month September.
USDA reported another round of private export sales of 2024/25 soybeans on Wednesday morning, with 132,000 MT to China and 121,000 MT sold to unknown destinations.
Export Sales data is estimated to show 2023/24 sales of between 100,000 to 400,000 MT for the week that ended on August 15. Sales for new crop bean business is seen at 0.8 to 1.35 MMT in that week. Meal sales are expected to total 100,000 to 550,000 MT, with bean oil bookings of 0 to 20,000 MT.
ProFarmer’s annual crop tour showed soybean pod counts (3x3 foot square) at 1409.02 in Indiana, above the 1,309.96 pod count from last year and the 3-year average of 1238.55. In Nebraska, pod counts were 1,172.48 in that same area, slightly above the 1,160.02 in 2023 and the 1,150.06 bpa 3-year average.
Sep 24 Soybeans are at $9.60 1/2, up 3 1/4 cents,
Nearby Cash is at $9.38 1/2, up 3 cents,
Nov 24 Soybeans are at $9.79 1/2, up 3 1/2 cents,
Mar 25 Soybeans are at $10.12 1/2, up 3 cents,
New Crop Cash is at $9.22, up 3 3/4 cents,
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