Soybeans are up 7 1/4 to 12 cents so far this morning. Meal is up by $6.70, though BO is down 40 points ahead of FAS data. The old crop bean market ended the day up a penny in July and 7 cents in May. The new crop prices were 4 1/4 to 6 3/4 cents lower. Preliminary open interest dropped 7,510 contracts. The products were also mixed as meal futures gained $1.60 to $2.40, but BO fell 80 to 89 points.Â
Traders are looking for the USDA to report between 250k MT and 600k MT of old crop bean export sales on Thursday. New crop business is expected to be below 200k MT in the weekly update. Pre-report estimates for soymeal range 100k to 300k MT, with 0-25k MT for soy oil.Â
The Rosario Grains Exchange lowered their soybean estimate by another 4 MMT to 23 MMT for the Argentine crop.Â
Brazil’s Anec expects April soymeal exports will reach 2.1 MMT, up from their prior 1.86 MMT forecast and above 1.82 MMT last year – citing a shift away from Argentinian sources. Their projected soybean export is 14.38 MMT for the month, up from 11.36 MMT in April of ’22.Â
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May 23 Soybeans  closed at $15.04 1/4, up 7 cents, currently up 12 1/4 cents
Nearby Cash  was $14.62 1/2, up 3 1/8 cents,
Jul 23 Soybeans  closed at $14.72 1/4, up 1 cent, currently up 11 1/4 cents
Nov 23 Soybeans  closed at $13.07 3/4, down 6 1/2 cents, currently up 8 1/4 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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