Soybeans Bounce Higher on Wednesday

Soybean futures ended the Wednesday session, with contracts firm to 9 cents higher. Front month September led the way, up 21 cents. Meal futures were up $3.70 to $5.10 on the day, with bean oil down 41 to 54 points lower. 

The weekly Export Sales report set for release on Thursday is estimated to show old crop reductions of 100,000 MT to sales of 300,000 MT in the week ending on August 11. New crop bookings are expected to total 300,000-650,000 MT. Meal sales are seen in a range of a total of 150,000-650,000 across both marketing years. Bean oil is estimated at 0-25,000 MT.

FSA data showing initial planted acres and prevent plant numbers will be released on Monday afternoon, following a delay from the original schedule of the 12th.

Sep 22 Soybeans  closed at $14.75 1/4, up 21 cents,

Nearby Cash   was $14.30 1/4, up 8 5/8 cents,

Nov 22 Soybeans  closed at $13.90, up 9 cents,

Jan 23 Soybeans  closed at $13.96 1/2, up 8 1/2 cents,

New Crop Cash   was $13.37 3/4, up 7 3/8 cents,