Soybeans are showing 1 to 3 cent gains at Thursday’s midday. The cmdtyView national average Cash Bean price is up 3 1/4 cents at $10.97. Soymeal futures are up $2.30 to $3.50 on the day, with Soy Oil futures down 30 to 35 points on the day. Crude oil is back up $3.21 so far on Thursday.
USDA released their monthly WASDE report this morning showing a few changes in the demand projections, with a 35 mbu increase to crush. Exports were trimmed by 35 mbu to take the overall change in the carry out to 0 at 350 mbu. The cash average price was up a dime to $10.30.
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South American output from the two main players was left unchanged, at 48 MMT for Argentina and 180 MMT for Brazil. World stocks were trimmed by 0.52 MMT to 124.79 MMT.
Export Sales data from this morning, as USDA tallied 295,403 MT of old crop bean business in the week of 4/2, in the middle of trade estimates of 200,000-600,000 MT. That was the second lowest total for the marketing year, but still 71.42% above the same week last year. New crop sales came in at 0.
Meal sales were pegged at 363,648 MT, in the middle of the 225,000-450,000 MT estimates. Bean oil sales were net reductions of 1,617 MT, in the middle of the trade estimates of 10,000 in net reductions to 12,000 MT in net sales.
May 26 Soybeans are at $11.65, up 3 cents,
Nearby Cash is at $10.97, up 3 1/4 cents,
Jul 26 Soybeans are at $11.80 3/4, up 2 3/4 cents,
Nov 26 Soybeans are at $11.52 3/4, up 3/4 cent,
New Crop Cash is at $10.92 1/4, up 1 1/2 cents,
On the date of publication, Austin Schroeder 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 Barchart Disclosure Policy here.
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