The midweek soy market is trading in the black led by the meal. Soymeal futures are up by 1.5% to 1.7% so far on $6.60/ton gains. Soybean futures are trading 11 ½ to 12 ¼ cents higher through midday. The Soybean Oil futures are up 1.3% at midday. September options expire on Friday.
USDA announced a private soymeal sale for 100k MT to unknown destinations this morning via the mandatory reporting system.
The second day of the ProFarmer Crop Tour showed a Nebraska soybean pod count at 1,160 in a 9 square foot area, a 9% increase from last year, but 3% below the 3-year average. Participants in Indiana had an average of 1,310 pods, up 12.4% from last year and up 6.6% vs. the 3-year average.
Estimates ahead of the StatsCan report run 16.1 MMT to 18.6 MMT for Canadian canola output. The average trade guess would be 730k MT lighter yr/yr at 17.4 MMT. Traders are also looking for an initial soybean outlook of 6.7 MMT compared to 6.5 MMT last year.
Sep 23 Soybeans are at $13.58, up 6 1/2 cents,
Nearby Cash is at $13.50 1/1, up 12 5/8 cents,
Nov 23 Soybeans are at $13.57 3/4, up 11 3/4 cents,
Jan 24 Soybeans are at $13.68, 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.
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