Soybeans Bouncing in Morning Trade

Soybean futures are back in the black through the morning action, though gaining 5 1/2 to 8 3/4 cents. Meal and oil futures are also firming. Soy markets were weaker on Tuesday, following the broad commodity selloff. The ($DXY) was also weaker on Tuesday. Soybean futures ended the day 14 1/4 to 23 cents lower, but more than 20 cents off of their lows. Soymeal futures ended the session with $10.10 to $12.90/ton losses. BO futures pulled back with 58 to 79 point losses. Funds were reallocating and adjusting large commodity portfolios with respect to the month’s end asset allocation.  

Private firm Itau BBA estimates a 0.5% growth in Brazilian soy area expansion for the 22/23 season. If confirmed that would be the slowest growth in 15 years. Itau BBA estimates 22/23 baseline soybean output at 141 MMT, which would be a new record. 

May 22 Soybeans  closed at $16.43, down 21 1/4 cents, currently up 6 3/4 cents

Nearby Cash  was $15.93 7/8, down 21 1/2 cents,

Jul 22 Soybeans  closed at $16.23 3/4, down 23 cents, currently up 6 1/2 cents

Nov 22 Soybeans  closed at $14.48 1/2, down 20 1/4 cents, currently up 10 1/4 cents

New Crop Cash  was $13.97, down 21 1/8 cents,