The soybean market is trading with slight gains on Thursday morning of fractionally to 4 cents. Soybeans recovered higher on Wednesday, with gains of 6 to 14 cents at the close. The front months posted the strongest moves. Preliminary open interest was up 6,539 contracts, mostly in July and November. The cmdtyView national front month Cash Bean price was up 13 cents at $9.46. Soymeal futures were up $4.50 to $7.10/ton, with Soy Oil futures 13 to 17 points higher. There were 220 deliveries issued against March soybeans overnight, all by a Marex customer, with 444 deliveries for March bean meal and 195 for soy oil.
Export Sales data will be released this morning, with traders looking for 300,000-550,000 MT in old crop soybean sales in the week of 2/27 and 0-50,000 MT, with 0-50,000 MT for new crop. Soybean meal sales are estimated to be in the range of 150-000-420,000 MT, with 20,000-45,000 MT for bean oil.
Celeres trimmed their Brazilian soybean production estimate by 2.4 MMT on Wednesday to 171.6 MMTÂ
Mar 25 Soybeans  closed at $9.97 3/4, up 13 3/4 cents, currently up 6 ½ cents
Nearby Cash  was $9.46, up 13 cents,
May 25 Soybeans  closed at $10.11 3/4, up 12 3/4 cents, currently up 3 cents
Nov 25 Soybeans  closed at $10.09 1/2, up 6 cents, currently up 1/4 cent
New Crop Cash  was $9.46 3/4, up 5 3/4 cents,
On the date of publication, Austin Schroeder 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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