Soybeans are back up by 20 cents so far early on Thursday. The meal and soy oil markets are also firming up for the new month of trading action. Beans firmed up for their close on Wednesday, with July even rallying back 19 cents from the intraday low to end 3 ¼ higher. For the full month of trading, July soybean futures printed a $1.76/bushel range and closed $1.19 1/2 lower. The other front month contracts closed 1 3/4 to 7 1/4 cents in the red on the day, with Nov down $1.17 for the month. Soybean meal prices settled mixed within $1 for the day, as July closed the month of May with a $39/ton loss. Soybean oil closed UNCH on the day, having rallied back from intra-day losses of as much as 167 points. The monthly move in July BO was minus 5.47 cents/lb.Â
Analysts are looking for 184.8 mbu on average in the NASS Fats and Oils report this afternoon. The full range is from 182 to 186.2 mbu compared to 180.9 million in April 2022. Â Traders on average expect soy oil stocks to expand to 2.497 billion pounds vs. 2.424 billion pounds a year ago.
Jul 23 Soybeans  closed at $12.99 3/4, up 3 1/4 cents, currently up 22 1/4 cents
Nearby Cash  was $12.73 5/8, down 1 1/8 cents,
Aug 23 Soybeans  closed at $12.17 3/4, down 1 3/4 cents, currently up 20 cents
Nov 23 Soybeans  closed at $11.46 1/2, down 6 3/4 cents, currently up 22 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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