Soybeans posted gains of 8 to 18 ¼ cents on Wednesday, rebounding from the early week weakness. Soymeal futures were up $.70 to $2.3/ton in the front months, with nearby Soybean Oil futures 55 to 108 points higher.
A heat wave over parts of the corn belt this week is supportive, with little precip expected in that time.
Tomorrow morning’s Export Sales report is expected to show 0-400,000 MT in old crop bean sales in the week of 8/10. New crop sales are estimated in a range of 0.55-1.3 MMT during that week, which included 383,000 MT in daily sale announcements. Soy Meal is seen totaling 100,000-450,000 MT, with bean oil estimates at 0-20,000 MT.
Brazil’s Anec estimates that soybean shipments would be 7.78 MMT in August. That would be up from 5 MMT last year.
Sep 23 Soybeans closed at $13.34 3/4, up 11 1/2 cents,
Nearby Cash was $13.21 5/8, up 17 5/8 cents,
Nov 23 Soybeans closed at $13.23 1/2, up 18 1/4 cents,
Jan 24 Soybeans closed at $13.33 3/4, up 18 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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