Soybeans Fading into Day Session

Soybeans are trading 1 to 5 ½ cents weaker so far ahead of the weekly Export Sales report. Jan soy futures stayed in a 15 cent range on the day, with soybeans settling fractionally higher. Soymeal futures were near their lows for the close with $2.10 to $6/ton losses. Soybean Oil prices were also weaker with 15 to 66 point losses. CME Synthetic Soy Crush  dropped 5 ¼ cents on Wednesday.  Trade ideas for Dec meal deliveries were for only 0-100 contracts, with bean oil 200-600. There were zero deliveries against either on FND. 

Traders are looking for the weekly Export Sales report to show between 850k MT of soybeans and 1.5 MMT of soybeans were sold for 22/23 delivery. New crop forward sales are estimated to be below 50k MT. Meal bookings are expected between 150k and 350k MT. Analysts expect the week’s soy oil sales were below 10k MT. 

Jan 24 Soybeans  closed at $13.47, up 1/2 cent, currently down 4 1/4 cents

Nearby Cash   was $12.89 3/8, up 1 7/8 cents,

Mar 24 Soybeans  closed at $13.65 1/2, up 3/4 cent, currently down 4 1/2 cents

May 24 Soybeans  closed at $13.78 3/4, up 1/2 cent, currently down 5 1/4 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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