Soybeans are trading fractionally to 6 cents higher this morning. Futures posted losses of 4 ½ to 13 ¾ cents across the board on Wednesday, with pressure from losses in crude oil. Meal futures were down $2.80-$6.50, with bean oil up 8-16 points in the nearby contracts and lower in the deferreds. Crude oil was down $3.08/barrel on the session and down $6+ at one point.
Ahead of the weekly Export Sales report, the trade range of estimates for old crop soybean sales is 50,000-700,000 MT for the week ending March 9. Sales for new crop was estimated in the range of 50,000-200,000 MT. Bookings for meal are seen at 100,000-375,000 MT, with bean oil at 0-20,000 MT.
Wednesday’s monthly NOPA report tallied February crush at 165.41 mbu, a 0.22% increase from last year but below the 166.06 mbu trade estimate. That was down 7.59% vs. January, but daily crush was up 140,000 bushels at 5.91 mbu. NOPA soybean oil stocks were reported at 1.809 billion lbs, 75 million below the trade estimate.
May 23 Soybeans closed at $14.89 1/4, down 4 1/2 cents, currently up 5 ¼ cents
Nearby Cash was $14.51 5/8, down 3 7/8 cents,
Jul 23 Soybeans closed at $14.74 1/2, down 7 1/4 cents, currently up 4 cents
Aug 23 Soybeans closed at $14.30, down 12 1/4 cents, currently up 5 cents
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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