Soybeans saw marginal gains of 2 to 3 ¼ cents in most contracts on Wednesday, with most contracts fading the USDA export sale announcement this morning, 6 to 8 cents off the highs. The cmdtyView national average Cash Bean price was up 1 3/4 cents at $10.79. Soymeal futures were steady to down $1.10, with Soy Oil futures falling another 77 to 138 points. The market will round out the week on Thursday, with Friday off in observance of Juneteenth.
USDA reported 372,000 MT of soybeans to unknown destinations this morning with 60,000 MT for old crop an 312,000 MT for new crop shipment.
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Export Sales data will be updated on Thursday, with traders looking for between 100,000 and 300,000 MT for old crop in the week of June 11. New crop sales are seen between 250,000 and 500,000 MT. Reuters survey of analysts also shows meal sales expected between 200,000 and 650,000 MT, with bean oil bookings estimated between net cancellations of 2,000 MT and sales of 20,000 MT.
Jul 26 Soybeans closed at $11.32, up 2 cents,
Nearby Cash was $10.79, up 1 3/4 cents,
Aug 26 Soybeans closed at $11.36 3/4, up 2 1/4 cents,
Nov 26 Soybeans closed at $11.49 1/4, up 2 3/4 cents,
New Crop Cash was $10.83 1/4, up 1 3/4 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.