Soybean Futures Market News and Commentary
Soybean futures bounced in the afternoon to end the midweek session in the black. Front month futures closed 5 1/4 to 8 1/4 cents higher, with in delivery August contracts 11 1/4 cents black. Soymeal futures were $4.0 to $5.30 higher on Wednesday. Front month soy oil futures closed the Wednesday session with 13 to 50 point losses.
StoneX released their soybean yield estimates, showing a flat 50 bpa national average and a 4.332 bbu crop. For North Dakota, StoneX saw fields yielding 29 bpa and had IL at the highest with a 61.5 bpa average.
Pre report estimates for the weekly Export Sales report show traders expect to see +/- 100k MT of old crop bean business reflecting new sales and cancelations. For new crop bean bookings, traders are expecting 200,000 to 500,000 MT were sold during the week ending 7/29. Soymeal sales are expected to fall between 50,000 and 300,000 MT for 2020/21 delivery and between 25,000 and 125,000 MT for NMY. Soy oil sales for the week that ended 7... Read more