So far Wednesday’s soy session is mixed. Old crop beans dropped to -3 cents at the low overnight and spiked to +12, compared to the -8 3/4 to +3 1/2 swing in new crop soybeans overnight. The current market has July a nickel higher compared to Nov a penny weaker. Meal looks to start the midweek higher, while AM soy oil is UNCH. Yesterday’s back and forth session ended with gains for the soybean futures market. Beans were up 3 1/4 to 5 1/4 cents at the close. July futures printed a 23 3/4 cent range from -9 3/4 to +14. Soymeal closed in the red with $3.40 to $4.50/ton losses. BO led the way higher on Tuesday with gains of as much as 3.4%. July soy oil was back above 50 c/lb for the first time since 5/11.
The initial cmdtyView Bean Yield from Barchart is to see 50.64 bpa. Taking that off 86.5m harvested acres leaves output at 4.38 bbu.
Ahead of the WASDE report, survey respondents are looking for USDA to cut 7.6 mbu from soybean production to 4.502 bbu. The full range is from UNCH to 90 mbu smaller. Yield is expected to be 51-52.4 bpa vs. 52 in the May report. The average trade guess for new crop carryout is 340.8 mbu, 5.8 million looser.
Jul 23 Soybeans closed at $13.53 1/4, up 3 1/4 cents, currently up 4 1/2 cents
Nearby Cash was $13.25, up 3 5/8 cents,
Aug 23 Soybeans closed at $12.65 3/4, up 4 3/4 cents, currently up 2 cents
Nov 23 Soybeans closed at $11.84 3/4, up 5 cents, currently down 1 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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