Brugler Marketing & Management, LLC -

Soybeans Post Double Digit Overnight Gains

Alan Brugler - Barchart - Thu May 06, 12:26PM UTC

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Soybeans are trading 12 to 19 cents per bushel higher this morning. Yesterday, the soy complex continued to rally with beans taking the lead. Old crop beans closed with 4 to 9 1/2 cent gains, whereas new crop ended the session up by 19 cents. Nov beans took out the late April high overnight, setting up a test of round number resistance at $14.00 after the new life of contract high. Soymeal futures closed the midweek session off the highs, with gains of $2.70 to $2.90/ton. BO futures were mixed on Wednesday on the CBT, with July down 12 points and August 34 points in the black.

Delivery activity against May soybeans dwindled to only 7 contracts for today. There were 0 meal deliveries. Soy oil notices dropped to 35, all stopped by commercial house accounts.

Ahead of USDA’s weekly Export Sales data release, traders are expecting between 100k MT of net cancelations and 200k MT of sales. New crop bean bookings are expected between 100,000 and 600,000 MT. For meal and oil, traders anticipate between 50k and 300k MT of meal booked during the week ending 4/29 and between net cancelations of 10k MT and net bookings of 25k MT for soy oil.

Chinese futures at Dalian were expected to be sharply higher today, playing catch up with US prices after a multi-day holiday in China had the market closed. The July Dalian contract was up 2.5% from last week’s close.

May 21 Soybeans closed at $15.82, up 5 cents on Wednesday, and up 17 cents this morning

Jul 21 Soybeans closed at $15.42 1/4, up 4 cents, and up 19 this morning

Nearby Cash was $15.51 ¾ yesterday, up 3 3/4 cents,

Nov 21 Soybeans closed at $13.82 3/4, up 19 1/2 cents, and up 12 3/4 this morning

New Crop Cash was $13.32 yesterday, up 19 3/8 cents,

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