Soybeans Pull Off Highs, Still Close with Wednesday Strength
The soybean market saw Wednesday gains of 3 to 5 cents at the close, pulling back off some intraday highs. The cmdtyView Cash Bean price was up 4 3/4 cents to $10.00. Soymeal futures were $1.90 to $2.60/ton higher, as Soy Oil were mixed, with 6 point losses to 2 point gains.
Export Sales data will be out tomorrow, with the trade looking for 100,000 to 500,000 MT in 2024/25 soybean sales and 0 to 100,000 MT for new crop business. Soybean meal sales are seen at 200,000 MT to 700,000 MT, with 5,000 to 35,000 MT for soybean oil in the week of 5/29.
Brazilian soybean exports are expected to total 12.55 MMT in June according to ANEC estimates, which would be below the 13.83 MMT in the same month last year.
While the next week is looking wetter for parts of KS and stretching over to the Eastern Corn Belt, a pocket of expected dryness is over much of NE, and parts of eastern IA, southern MN, and southeast SD, which extends past 7 days in some forecasts.
Jul 25 Soybeans closed at $10.45, up 4 1/4 cents,
Nearby Cash was $10.00, up 4 3/4 cents,
Aug 25 Soybeans closed at $10.38 3/4, up 4 1/2 cents,
Nov 25 Soybeans closed at $10.25, up 3 1/2 cents,
New Crop Cash was $9.66 1/4, up 4 1/4 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.
