Soybean futures are trading on both sides of UNCH at midday on Wednesday, from 2 cents lower to 1 higher as this is written. Soymeal futures are higher on the day, up $3.50 to $5.70 per ton. Soy Oil futures are giving back their Tuesday gains, down 40 to 70 points at midsession.
Dryness in the 7-day forecast and above to much above normal temps in the NWS 8-14 day outlook gave the market some support on Tuesday and that is still a factor today, but the slide in soy oil has pressured margins.
Brazilian export association Anec is projecting July soybean exports from that country will be 10.43 MMT based on the current vessel line up, with meal exports potentially reaching 2.4 MMT. That would be a new record, if achieved.
Indonesia is beginning a two month trial of a B40 palm oil based biodiesel in trains, with subsequent trials expected in the shipping, power generation and ag industries. While the trials will consume some palm oil and save some crude, the real difference maker for veg oil consumption would be official adoption of the B40 blend in 2025 if the trials are successful.
Aug 24 Soybeans are at $11.18 1/4, up 3/4 cent,
Nearby Cash is at $10.94 1/8, up 1/2 cent,
Sep 24 Soybeans are at $10.69 3/4, down 2 cents,
Jan 25 Soybeans are at $10.87 1/4, down 2 1/4 cents,
New Crop Cash is at $10.27 5/8, down 3/4 cent,
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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
