Soybeans continued to post some gains on Wednesday with contracts up a penny to 5 ¾ cents across the board. Soymeal futures closed with contracts up 20 to 70 cents across most contracts. Soy Oil futures saw gains of 29 to 38 points to close out the day.
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. Illinois pod counts will be revealed later this evening.
Sep 24 Soybeans closed at $9.63, up 5 3/4 cents,
Nearby Cash was $9.39 1/8, up 4 1/2 cents,
Nov 24 Soybeans closed at $9.81 1/2, up 5 1/2 cents,
Mar 25 Soybeans closed at $10.14 3/4, up 5 1/4 cents,
New Crop Cash was $9.24 3/8, up 6 cents,
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