Soybeans Posting Early Wednesday Strength
Soybeans are trading with 4 to 6 cent gains on Wednesday. Futures posted gains of 11 ½ to 14 cents across the board on Tuesday. Open interest was down just 1,719 contracts. The cmdtyView national average Cash Bean price was up 13 1/4 cents at $12.01. Soymeal futures were steady to $1.10 higher on the day, with Soy Oil back up 39 to 101 points.
USDA reported a private export sale of 132,000 MT of soybeans to unknown destinations on Monday morning.
Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis.
Weekly Crop Progress data from NASS showed 91% of the US soybean crop setting pods by 8/23, with 6% dropping leaves. Condition ratings were down 1% at 60% gd/ex, with the Brugler500 index falling 4 points to 357. Ratings in ND were down 19 points, with OH/SD (-5) IN(-3), IL/MN/MO (-2), and IA (-1) all seeing weaker conditions.
Agroconsult estimates the Brazilian soybean acreage at 49.2 million hectares (121.58 million acres), slightly above last year.
China’s Sinograin sold 222,782 MT of the 290,000 MT of imported soybeans offered on the Wednesday auction overnight.
Sep 26 Soybeans closed at $12.28, up 12 cents, currently up 5 3/4 cents
Nearby Cash was $12.01 1/1, up 13 1/4 cents,
Nov 26 Soybeans closed at $12.37 3/4, up 13 1/2 cents, currently up 4 1/2 cents
Jan 27 Soybeans closed at $12.52 1/4, up 14 cents, currently up 4 1/2 cents
New Crop Cash was $11.80 1/2, up 12 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.
