Beans Held Up by Product Pop
Soybeans saw 1 ½ to 5 cent higher trade on Wednesday, as there was some recovery in the product values. Soymeal ended the day with contracts up $1.20 to $3.40/ton, with Soy Oil 1 to 9 points higher in the front months and lower in the deferreds.
The weekly Export Sales report will be out on Thursday morning, with the trade range of estimates running 300,000-650,000 MT of soybean sales for the week that ended on April 11. US FOB prices have narrowed the premium to Brazil recently, but are still 50-75 cents above South American offerings. The new crop total is expected to be in the range of 250,000-450,000 MT.
Soy meal sales are seen totaling 100,000 to 400,0000 MT in that week, with bean oil in arrange of net reduction of 5,000 to net sales of 20,000 MT.
May 24 Soybeans closed at $11.49 1/2, up 4 1/2 cents,
Nearby Cash was $10.96 5/8, up 4 5/8 cents,
Jul 24 Soybeans closed at $11.64 1/4, up 4 1/4 cents,
Nov 24 Soybeans closed at $11.61 1/4, up 2 3/4 cents,
New Crop Cash was $10.98 3/4, up 2 3/4 cents,
On the date of publication, Alan Brugler 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.