Soybean futures are rounding out the overnight session with fractional losses this morning. They ended the Wednesday session well off the overnight highs, by 15-20 cents across the front months. Contracts were still 5 ¼ to 13 ½ cents higher on the session. August was the lone exception, down ½ cent. Soymeal was the weak spot for the complex, with contracts $1.10-3.40 lower and the two front months 20 cent to $1.10 higher. Soybean Oil held things up, with contracts 131-200 points in the green.
Bean oil got help from the increased Black sea tensions, as Ukraine is a large supplier of the world’s sunflower and sunflower oil.
Weekly Export Sales data will be released on Thursday morning, with the trade expecting to see 0-300,000 MT of old crop soybean sales. New crop booking during the week of 7/13 are expected to be 150,000-700,000 MT with help from a large daily sale announcement from last week. Soy Meal sales are estimated for be in a range of 125,000-500,000 MT for both marketing years, with bean oil 0-20,000 MT.
Aug 23 Soybeans closed at $14.91 1/2, down 1/2 cent, currently down 3/4 cents
Nearby Cash was $14.77 7/8, down 10 1/2 cents,
Sep 23 Soybeans closed at $14.32, up 13 1/4 cents, currently down 1/2 cents
Nov 23 Soybeans closed at $14.08 3/4, up 13 1/2 cents, currently down 1 cent
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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