Soybeans closed out the Wednesday trade session with front months up ½ to 6 ¾ cents and new crop November and other deferreds down 2 ¼ to 5 ¼ cents on the day. Soymeal futures were higher on Wednesday with contracts up 20 cents to $3.40/ton. Soy Oil futures were down 49 to 95 points at the final bell.
The 7-day QPF is calling for an inch of rain in parts of southeast SD, NE, and eastern KS, with the rest of the Corn Belt seeing lighter totals of less than a half inch.
Weekly export sales estimates for last week (through July 11) are running 150,000 to 600,000 MT for old crop, with 50,000 MT to 400,000 MT for new crop. Meal sales are pegged in a range of 80,000 to 500,000 MT. Bean oil bookings were 0 to 25,000 MT.
ABIOVE, the Brazilian crusher association, put it’s Brazilian bean crop estimate at 153.2 MMT, actually slightly above USDA. CONAB is still down at 147.34 MMT, so there is some disagreement within Brazil about crop size!
Aug 24 Soybeans closed at $10.97 1/4, up 6 3/4 cents,
Nearby Cash was $10.70 5/8, up 9 1/2 cents,
Sep 24 Soybeans closed at $10.38 1/4, up 1/2 cent,
Jan 25 Soybeans closed at $10.56, down 2 3/4 cents,
New Crop Cash was $9.90, down 1/2 cent,
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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