Soybeans Rally for Midweek Gains, Helped by Meal
Soybeans turned back higher on Wednesday, with contracts up 4 to 10 cents across most months led by the nearbys. Soymeal futures were up $2 to $5.90/ton across most contracts on the midweek session. Soy Oil saw marginal gains of 2 to 7 points in the front months, with deferred contracts 3 to 17 points lower.
Weekly Export Sales data released by the USDA is expected to show 275,000-550,000 MT of old crop soybean sales for the week that ended on 5/16. New crop sales are estimated in a range of 0-200,000 MT. Soybean meal sale estimates are running 200,000-600,000 MT, with soybean oil in up to 300,000 MT.
Regional precip of up to 1 inch is centered over parts of IA and NE, as well as of ND and northern MN for through Saturday, with the ECB remaining relatively dry. Beyond that for Sunday and Monday, much of the Corn Belt from southeast NE through IA/MO and on East is expected to see 1-2 inches.
Jul 24 Soybeans closed at $12.46 1/4, up 10 cents,
Nearby Cash was $11.86 5/8, up 10 3/8 cents,
Aug 24 Soybeans closed at $12.43 1/4, up 9 1/4 cents,
Nov 24 Soybeans closed at $12.18 1/4, up 5 1/4 cents,
New Crop Cash was $11.62 7/8, up 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.