Soybean futures bled another 1.3% to 1.9% on Wednesday, with November closing in the red for the 12th consecutive session and more than $1 total drop. Soymeal prices ended the day 1.4% to 1.9% in the red, while bean oil closed down by 2.8%. The CME synthetic crush margin fell by 11.5% to $1.46/bu.
Going into the weekly Export Sales report, traders expect between 400k and 900k MT of old crop soybeans were booked during the week that ended 3/16. New crop sales are estimated below 200k MT. Soymeal sales are estimated to be between 125k MT and 300k MT for the week that ended 3/16. Bean oil bookings are expected to come in below 10k MT.
The EU Commission reported their season-to-date soybean import at 8.45 MMT through March 19th. That is down 14.6% from last year’s pace.
May 23 Soybeans closed at $14.48 1/2, down 18 1/2 cents,
Nearby Cash was $14.13 7/8, down 17 5/8 cents,
Jul 23 Soybeans closed at $14.25, down 23 1/2 cents,
Nov 23 Soybeans closed at $12.72 1/2, down 23 1/2 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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