Large pile of soybeans
Soybeans are fractionally mixed so far with prices fractionally higher in the new crop contracts. Midday meal quotes are up $1.40 to $2.30/ton. Soybean oil futuresa re down by another 23 points so far.
The CME Synthetic Soy Crush was 91.7 cents/bu (July) through midday, after being +$2 in early March. The New crop Dec spread is at $1.74/bu.
Global soy carryout is estimated to be 1 MMT tighter at 99 MMT on average. The trade average guess for Argentina production is 24.2 MMT, which would be 3 MMT tighter than the April figure.
Jul 23 Soybeans are at $14.13, down 1 1/4 cents,
Nearby Cash is at $13.96 3/4, down 1 1/4 cents,
Aug 23 Soybeans are at $13.46 1/4, down 1 1/4 cents,
Nov 23 Soybeans are at $12.54 1/2, down 0 cent,
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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