Soybean Meal Jan '23 (ZMF23)
Soybean Meal Futures Market News and Commentary
Soybeans closed the Wednesday session with contracts steady to 3 ¾ cents in the green, getting support from meal. The cmdtyView national average Cash Bean price was up 4 cents at $10.93 1/4. Soymeal futures were up $2.30 to $5.20 on the day, with Soy Oil futures down 150 to 230 points on the day.
Crude oil was down $16.45 on the day following a 2-week ceasefire between Iran and the US that includes the reopening of the Strait of Hormuz. Early this morning President Trump posted that ‘a country supply military weapons to Iran will be immediately tariffed” by a rate of 50%.
USDA will release their monthly WASDE report on Thursday morning. A survey of analysts by Bloomberg shows very few changes expected to the US balance sheet with an average estimate at 349 mbu for soybean’s carryout, vs. 350 mbu in March. Analysts look for world stocks to be up 0.2 MMT to 125.5 MMT.
Export Sales data will be out on Thursday, as traders are looking for 200,000-600,000 MT of old cr... Read more
Barchart Wed Apr 8, 4:18PM CDT
The wheat complex was under pressure on Wednesday as money was coming out with pressure from crude oil. Chicago SRW futures was down 13 to 17 ¾ cents...
Barchart Wed Apr 8, 4:18PM CDT
Corn futures saw some buying off the early overnight lows, but still managed to close with losses of 1 ¾ to 3 ½ cents. The CmdtyView national average...
Barchart Wed Apr 8, 4:18PM CDT
Soybeans closed the Wednesday session with contracts steady to 3 ¾ cents in the green, getting support from meal. The cmdtyView national average Cash...
Barchart Wed Apr 8, 12:29PM CDT
The wheat complex is falling on Wednesday with weakness spilling over from the crude oil. Chicago SRW futures is down 18 to 19 cents on the day. KC HRW...
Barchart Wed Apr 8, 12:29PM CDT
Soybeans are trading with mixed action as front months are up 1 to 2 cents and deferred down fractionally. The cmdtyView national average Cash Bean price...
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