Morning bean quotes are 1 1/4 to 8 cents higher so far, as the products trade mixed on higher meal. Yesterday, front month Soymeal futures closed $3.10 to $6.90 in the red, leaving the Sep contract at a $9.90 loss for the week to date. Soybean prices were 1 1/2 to 4 1/4 cents higher on Wednesday, that has Nov futures at a 24 3/4 cent loss relative to the Friday settle. Soybean Oil futures closed with 21 to 43 point gains.
There were zero deliveries against August meal, soy oil or soybeans overnight. Preliminary open interest data shows light net new buying, up 1151 contracts on Wednesday.Â
Analysts estimate between 0 and 300k MT of old crop US beans were booked during the week that ended 8/3. New crop soybean sales are expected to be at least 300k MT and as much as 1.5 MMT. Soymeal export sales are estimated between 150k MT and 600k MT, with 0-20k MT expected for BO. Â
The European Commission reported soybean imports at 1.09 MMT through 8/6, trailing last year’s 1.37 MMT pace.Â
Sep 23 Soybeans  closed at $13.55 1/4, up 1 3/4 cents, currently up 6 cents
Nearby Cash  was $13.11 1/4, up 1 cent,
Nov 23 Soybeans  closed at $13.08 1/2, up 2 1/2 cents, currently up 7 cents
Jan 24 Soybeans  closed at $13.18 1/2, up 2 3/4 cents, currently up 6 3/4 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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