Soybean futures were initially weaker on Friday, but firmed up out of the report and are trading 1 to 7 cents higher at midday. The new crop futures are leading the way with gains of as much as 8 ¼ cents. Midday Soy Oil futures are trading 84 points weaker so far. Soymeal futures are currently $1.20 to $1.70 in the black.
USDA’s monthly update had no changes for domestic soybean supply nor demand. The cash average price remained at $12.65. Soy oil’s cash average price was 2 cents weaker at 49 cents/lb. The meal extraction rate was increased, but an export increase offset the supply.
A pre-report survey for today’s WASDE report puts the average trade guess for soybean carryout at 318.8 mbu, which would have been 3.8 mbu looser than last month. The full range of estimates is from 22 mbu tighter to 40 mbu looser. Traders are also looking for USDA to cut Brazilian soy production by 3.2 MMT in the monthly WASDE, with a 1.3 MMT tighter world ending stocks number.
Mar 24 Soybeans are at $11.58 1/4, up 1 1/4 cents,
Nearby Cash is at $11.10 3/8, up 2 3/8 cents,
May 24 Soybeans are at $11.68 3/4, up 2 1/2 cents,
Jul 24 Soybeans are at $11.80, up 4 cents,
Nov 24 Soybeans are at $11.62, up 8 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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