Wide Ranged Wednesday for Soy

November soybeans printed a wide 40 cent range after trying both sides of the open. Futures initially went for a bounce back, but ultimately closed mid range on 1 to 7 1/4 cent front month gains. Soymeal futures closed the day with $1.90 to $9.80/ton gains. Soybean oil futures fell another 1.5% to 1.8% on the day after Tuesday’s limit drop. 

Malaysian Palm Prices  set new calendar year lows in the August contract, back to 3,900 ringgits/MT. At the high print from April 29th, August palm was 6,800 ringgits. 

StatsCan acreage numbers showed Canada planted 21.416m acres of canola for 2022. That was down from 22.48m last year. Soybean area stayed near 5.3m acres, down 0.9% from 21/22. 

Jul 22 Soybeans  closed at $15.80 1/4, up 5 cents,

Nearby Cash   was $14.76 7/8, up 9 cents,

Aug 22 Soybeans  closed at $14.46 1/2, up 7 1/4 cents,

Nov 22 Soybeans  closed at $13.22 3/4, up 6 3/4 cents,

New Crop Cash   was $12.73 5/8, up 7 1/8 cents,