
The CME Synthetic Soy Crush spread recovered on Wednesday after the products out-rallied the beans. Deferred Soybean Oil contracts led the day with 1.9% gains, while Sep was up by 94 points. Soymeal futures closed $6 to $6.70 higher on 1.6% gains for the day. Front month soybeans settled the midweek session with 8 to 15 cent gains of as much as 1.1%. September options expire on Friday.
USDA announced a private soymeal sale for 100k MT to unknown destinations this morning via the mandatory reporting system. Export Sales estimates range 0k to 200k MT for old crop beans during the week that ended 8/17. New crop sales are expected to be between 550k MT and 1.25 MMT. Traders are looking for between 175k MT and 450k MT of soymeal sales in the FAS report. BO sales are expected to be below 20k MT for both old and new crop business.
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 closed at $13.59 1/2, up 8 cents,
Nearby Cash was $13.51 1/2, up 13 1/4 cents,
Nov 23 Soybeans closed at $13.60 1/2, up 14 1/2 cents,
Jan 24 Soybeans closed at $13.71, up 15 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.