Soybeans initially started the midweek session with weakness, but rallied back to close fractionally mixed. Jan futures stayed in a 15 cent range on the day. Soymeal futures were near their lows for the close with $2.10 to $6/ton losses. Soybean Oil prices were also weaker with 15 to 66 point losses. CME Synthetic Soy Crush  dropped 5 ¼ cents on Wednesday.Â
Traders are looking for the weekly Export Sales report to show between 850k MT of soybeans and 1.5 MMT of soybeans were sold for 22/23 delivery. New crop forward sales are estimated to be below 50k MT. Meal bookings are expected between 150k and 350k MT. Analysts expect the week’s soy oil sales were below 10k MT.Â
Estimates ahead of the StatsCan crop production report show traders are looking to see a canola crop of 18.3 MMT, compared to 17.4 last year and USDA’s official 17.8 MMT figure. The full range of estimates collected by Reuters runs 17.2 to 19.7 MMT.Â
The EIA Monthly Energy Review on Tuesday showed combined renewable diesel & biodiesel production hit a record 411 million gallons in August. That was up 6.5% from July and up 45% from year ago. Production reached 85% of rated capacity in August vs. 80% in July.Â
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Jan 24 Soybeans  closed at $13.47, up 1/2 cent,
Nearby Cash  was $12.89 3/8, up 1 7/8 cents,
Mar 24 Soybeans  closed at $13.65 1/2, up 3/4 cent,
May 24 Soybeans  closed at $13.78 3/4, up 1/2 cent,
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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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