Midday soybean quotes are 18 to 26 1/4 cents in the black. The July contract has dropped by 9 cents since the early session high, but is still leading the market on a 2% gain. The meal futures are trading $5.40 to $7 higher so far. Soybean oil futures are also up triple digits with 2.3% to 2.5% gains.
Reports on the wire suggest U.S. importers booked 179k MT of Brazilian soybeans for June delivery.
Trader estimates ahead of the weekly Export Sales report have old crop bean bookings between 100k MT of cancelations and 300k MT of net new sales. Old crop bean sales are estimated to be as much as 450k MT for the week that ended 5/25. The products range 175k to 500k MT for meal and 0k to 20k MT for soy oil.
Analysts are looking for 184.8 mbu on average in the NASS Fats and Oils report on Wednesday. The full range is from 182 to 186.2 mbu compared 180.9 last year. 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 are at $13.24, up 24 1/4 cents,
Nearby Cash is at $12.98 1/4, up 25 1/2 cents,
Aug 23 Soybeans are at $12.40 1/2, up 22 3/4 cents,
Nov 23 Soybeans are at $11.67, up 20 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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