Soybean Bulls Push Higher into Thursday’s Close
Soybeans saw 6 to 8 cent gains across most contracts at Thursday’s close. Some new crop contracts were up 2 to 3 cents. The cmdtyView national average Cash Bean price was up 7 1/2 cents at $10.76 1/2. Soymeal futures were up 30 to 80 cents in the front months, with Soy Oil futures 112 to 121 points higher.
Analysts are looking for USDA to report between 375,000 MT and 1.2 MMT of soybean sales in the week ending on February 12 in Friday’s Export Sales report. Meal is seen at 220,000-450,000 MT, with bean oil net reductions of 10,000 to sales of 16,000 MT.
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The annual USDA Ag Outlook Forum showed 85 million acres for soybean planted expected this spring. That matched trade estimate and would be an increase of 3.8 million acres from last year if realized. Actual survey driven data will be released in the March intentions report in just over a month. Soybean production was estimated at 4.45 bbu, with yield at 53 bpa.
International Grains Council data showed world soybean stocks up 2 MMT to 79 MMT, as consumption was down 1 MMT, with production up 1 MMT.
Mar 26 Soybeans closed at $11.41, up 7 1/2 cents,
Nearby Cash was $10.76 1/2, up 7 1/2 cents,
May 26 Soybeans closed at $11.56, up 7 cents,
Jul 26 Soybeans closed at $11.68, up 6 1/2 cents,
On the date of publication, Austin Schroeder 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.
