Soybean Meal Pit Oct '14 (SMV14)
Soybean Meal (Pit) Futures Market News and Commentary
Soybeans are trading with mixed action so far as contracts are own 1 ¼ cents to 1 ½ cents. Futures posted gains of 4 to 9 ¼ cents across the board on Wednesday. Open interest was down 3,529 contracts on Wednesday, mainly in the July (-19,674). The cmdtyView national average Cash Bean price was up 10 1/2 cents at $10.68 1/2. Soymeal futures were down $1.40 to $1 higher on the day, with Soy Oil futures 33 to 55 points higher.
USDA will update the weekly Export Sales data shortly, with estimates of 2025/26 bean sales at 150,000 to 400,000 MT in the week of 6/4. New crop is seen in a range of 100,000 to 350,000 MT. Soymeal sales are expected between 150,000 and 600,000 MT for this and next marketing year combined. Bean oil sales are estimated to total from net reductions of 2,000 MT to net sales of 15,000 MT.Â
WASDE data will be out later this morning, with traders surveyed by Bloomberg looking for a steady report, with an average trade estimate of 339 mbu for old crop bean... Read more
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