Soybean Mar '23 (ZSH23)
Soybean Futures Market News and Commentary
Soybeans are trading with 3 to 4 cent gains to start the final trade session of May as the nearbys approach $12. Futures closed with Thursday gains of 9 ¼ to 15 ¼ cents at the close. Open interest rose 12,246 contracts on Thursday. The cmdtyView national average Cash Bean price was up 9 1/4 cents at $11.34. Soymeal futures were up $1.10 to $3.80, with Soy Oil futures 86 to 147 points higher.
Export Sales data will be out on Friday, due to the Monday holiday. Trades are looking for old crop bean sales to be between 150,000 and 400,000 MT in the week of 5/21, with new crop seen 0-300,000 MT. Soybean meal sales are estimated to total 250,000 to 800,000 MT, with bean oil sales seen at net reductions of 5,000 to net sales of 16,000 MT.
The forecast in for the next week shows a drier pattern east of the Mississippi River and north of the Ohio River. That covers the ECB and central Corn Belt, which has lagged the normal planting pace.
The Argentina soybean harvest is esti... Read more
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