Beans Close with Double Digit Gains

The soy futures complex pulled back early on Wednesday, after moving to new contract highs overnight. Beans at one point were 38 cents off their high, but closed the day nearly 20 cents off the low and posted double digit gains for the day. Soymeal also fell more than 3% from early session contract highs, but prices were within 90 cents/ton of UNCH at the closing bell. BO ended the session 15 to 20 points higher, but futures had 130+ point ranges during the session. 

USDA announced a large private soybean sale under the daily system, as unknown destinations booked 380k MT of old crop beans. Pre report estimates ahead of the FAS Export Sales data show analysts are anticipating 600,000 MT to 1.2 MMT of soybean bookings from the week of 1/27. New crop sales are expected between 250k and 550k MT. For the products, traders surveyed anticipate the USDA to report 100k to 450k MT of soymeal was sold during the week that ended 1/27. The trade is looking for less than 30k MT of soy oil bookings. 

Mar 22 Soybeans  closed at $15.45 1/4, up 16 3/4 cents,

Nearby Cash  was $14.99, up 16 1/8 cents,

May 22 Soybeans  closed at $15.49 1/2, up 15 1/4 cents,

Nov 22 Soybeans  closed at $13.89 3/4, up 7 3/4 cents,

New Crop Cash  was $13.36 1/2, up 8 cents,