Overnight action led beans lower with 3 1/4 to 7 1/2 cent losses for the day session’s open. Meal and soy oil are also lower so far. Soybeans ended the Tuesday session with gains of 25 to 30 1/2 cents. The July contract was back below the $14/bu mark at the close but had filled the gap from May’s expiration. New crop Nov was a dime off the high going home but still up by +30 cents. Preliminary open interest shows short covering on balance, down 4,495 contracts across all soybean months. Soymeal futures ended the day with $0.10 to $2.90/ton gains across the nearbys. Soybean oil rallied 2.7% to 3% on the day.
Crude Oil futures were back higher on a Turnaround Tuesday, up by $2.30/bbl for a net -$0.75 move for the week to date. That helped biofuels rally, although yet another EPA request to once again delay release of needed rules and blend requirements was a negative.
Traders estimate that NOPA members processed 175.88 mbu in May. The full range of pre-report estimates is from 172.85 to 179.22 mbu, which would be a new all time record for the month. BO stocks are expected to be 1.957b lbs in the report on Thursday.
Jul 23 Soybeans closed at $13.99 1/4, up 26 1/2 cents, currently down 7 1/2 cents
Nearby Cash was $13.65 3/4, up 26 1/8 cents,
Aug 23 Soybeans closed at $13.21 3/4, up 29 1/4 cents, currently down 5 1/2 cents
Nov 23 Soybeans closed at $12.39 1/2, up 30 1/2 cents, currently down 6 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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