Soybeans Posting Friday Gains
Soybeans are trading with 8 to 8 cent gains at midday, backing off from early double digit gains. The cmdtyView national average new crop Cash Bean price is up 6 ½ cents today at $9.89 3/4. Soymeal futures are $3.70 higher, while Soy Oil is 26 points lower in the front months.
Soybean export commitments are now at 50.648 MMT, which is now 100% of USDA’s full marketing year projection and lagging the 102% average.
Abiove left their estimate for the Brazilian crop at 169.7 MMT, while increasing their crush number by 0.3 MMT to 57.8 MMT and taking exports 0.8 MMT higher to 109 MMT. Following suit from USDA last week, the Rosario Grains Exchange raised their Argentina soybean crop estimate by 1 MMT to 49.5 MMT.
Aug 25 Soybeans are at $10.27 1/2, up 6 cents,
Nearby Cash is at $9.89 3/4, up 6 1/2 cents,
Sep 25 Soybeans are at $10.19 1/4, up 7 1/4 cents,
Jan 26 Soybeans are at $10.51 3/4, up 8 cents,
New Crop Cash is at $9.85 1/4, up 8 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.
