New Crop Beans Left Out

The soy complex mostly held onto gains on Wednesday, save for the new crop soybean contracts. November ended the day with a 1 1/4 cent loss after posting a 10c range on the day. Old crop futures stayed higher, going home fractionally to 9 1/2 cents higher. Meal prices were mostly higher across the front months, but closed within 60 cents of UNCH. Soybean oil futures were up by 33 to 36 points. 

Going into the weekly Export Sales report, analysts expect to see between 100k and 600k MT of old crop soybean sales. new crop bookings are expected to be between 50k and 300k MT. Analysts expect soymeal sales will be between 75k and 200k MT for the week that ended 3/25. Soy oil bookings are estimated to be under 20k MT going into the report. 

Canadian Canola Prices have rallied for 5 straight sessions from $715 to $765 in the May contract. Indonesia set their Crude Palm Oil reference price at $898.29/MT, from $911.41 in mid-March.  Malaysian Palm Prices  were 4,027 ringgits, following the 4-day bounce. 

May 23 Soybeans  closed at $14.77 1/4, up 9 1/2 cents,

Nearby Cash   was $14.47 7/8, up 11 1/8 cents,

Jul 23 Soybeans  closed at $14.50 3/4, up 6 1/4 cents,

Nov 23 Soybeans  closed at $13.02 1/2, down 1 1/4 cents,