Soybean futures are up by 5 ¼ to 8 cents across the front months in early Wednesday trading. That has Nov just a nickel off the overnight high after a 15 ¾ cent range overnight. Both meal and oil are also in the black into the day session. Front month bean futures were up a nickel to 5 ¾ cents on Tuesday. November printed an 18 ¾ cent range and closed back above the $13 round number. Soymeal futures settled with $2-$3 gains across the front months. Soybean Oil futures ended the session 11 to 23 points in the black after a back and forth Tuesday session.
The pre-report surveys show traders on average expect 244 mbu of soybean stocks for Sep 1. If realized that would be 6 mbu tighter than the September WASDE projection. The range of estimates was 216 mbu and 270 mbu for that quarterly NASS report on Friday.
Private consultant Michael Cordonnier lowered his estimate of US average soybean yield to 49 bpa, with the crop at 4.05 billion. The EIA monthly Energy Review showed biodiesel and renewable diesel production up slightly in June, but capacity utilization dropped to around 85%.
Brazil’s Ag Rural reported soy planting at 1.9% finished as of 9/21. That compares to 1.5% at the same time last year.
Nov 23 Soybeans closed at $13.02 3/4, up 5 cents, currently up 5 1/2 cents
Nearby Cash was $12.38, up 5 cents,
Jan 24 Soybeans closed at $13.21, up 5 1/2 cents, currently up 5 3/4 cents
Mar 24 Soybeans closed at $13.32 3/4, up 5 3/4 cents, currently up 6 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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