Soybeans are trading with 6 to 8 ¾ cent gains so far Wednesday. The cmdtyView national average Cash Bean price is up 7 3/4 cents at $9.80 1/2. Soymeal futures are $4.90/ton higher at midday, with Soy Oil futures up 2 points. There were another 118 August soybean meal deliveries overnight, with 3 issued for soybean oil. August futures expires on Thursday.
The next week is looking a 1 to 3 inches of rain in parts of the Dakotas, MN, northern IA/IL and WI according to NOAA’s 7-day forecast.
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Export Sales data released on Thursday morning is expected to show 200,000 to 700,000 MT in old crop soybean sales during the week of August 7. New crop business is expected to total 400,000 to 900,000 MT. Meal bookings are estimated in a range of 150,000 to 500,000 MT, with bean oil seen between 0 and 22,000 MT.
Tuesday’s Crop Production report showed acreage cut a massive 2.5 million acres to 80.9 million. FSA certified acres were tallied at 79.76 million acres. Yield was pegged at 53.6 bpa, with production at 4.292 bbu, a 43 mbu reduction from the July WASDE. Old crop carryout was cut by 20 mbu to 330 mbu, as exports and crush each saw a 10 mbu hike. New crop stocks were shown 20 mbu tighter to 290, as the drop in production was offset by a drop to exports.
Aug 25 Soybeans are at $10.18, up 6 1/4 cents,
Nearby Cash is at $9.80 1/2, up 7 3/4 cents,
Sep 25 Soybeans are at $10.20 3/4, up 8 cents,
Nov 25 Soybeans are at $10.41 1/2, up 8 3/4 cents,
New Crop Cash is at $9.71 1/2, up 8 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.
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