Soybean Mini Futures Market News and Commentary
Domestic Soybean futures rallied off midday lows but were still 3 1/4 to 7 1/4 cents in the red at the close. There were no delivery notices against March soybeans overnight. There are 149 warehouse receipts registered for delivery. May Dalian Soybean Futures posted a new contract high of 6,096 yuan/MT (~ $25.70/bu). The lesser traded, but more export competitive, No2 beans did not post LOC highs, but were up 16 yuan to 4,218 (~ $17.75/bu) in May contracts. Domestic new crop soybean futures on CBoT were also weaker but losses were limited to 5 3/4 cents
CBoT Soymeal futures closed the day $2.70 to $3.10/ton weaker. Soy Oil futures however, rallied off midday losses to close 8 to 12 points higher. New crop Canadian Canola Prices are back above CAD $600/MT after three days of recovery. The front month record high is still $852.10 from 2/24.
Ahead of USDA’s weekly Export Sales report, traders estimate between 100,000 and 500,000 MT of beans were sold on the week e... Read more