Beans are about a nickel off their overnight highs with 10 to 12 3/4 cent gains so far for the midweek. Meal and soy oil are also in the black with 0.2% and 1.7% gains respectively so far. Soybean oil cooled off from the sharp gains out of the weekend, giving back 70 to 73 points on Tuesday. Soymeal took the lead and closed with $10+ gains on the day. Soybean futures extended their gains by 1% as well with another 11 to 19 1/2 cents on top of the Monday rally.
There were zero deliveries overnight against July soybeans, meal and soy oil. Preliminary open interest rose 7,049 contracts for soybeans on Tuesday, net new buying.
The products’ strength took the CME Synthetic Soy Crush to $1.77/bu from $1.73 last week.
Wire sources had private analyst Dr. Michael Cordonnier’s U.S. soybean yield estimate at 50.5 bpa – UNCH from his prior figure.
Aug 23 Soybeans closed at $14.71 1/2, up 16 cents, currently up 11 3/4 cents
Nearby Cash was $14.90 1/8, up 10 1/4 cents,
Sep 23 Soybeans closed at $13.85 1/4, up 19 1/2 cents, currently up 12 3/4 cents
Nov 23 Soybeans closed at $13.60 1/4, up 14 3/4 cents, currently up 12 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.
