Soybeans are trading with contracts up 6 to 8 cents so far early on Thursday. They faced pressure on Wednesday, with contracts down 5 to 8 cents across most front months. The cmdtyView national front month Cash Bean price was down 5 1/4 cents at $9.69 1/2. Soymeal futures were steady to 50 cents/ton lower on the day, with Soy Oil futures down 15 to 48 points on the day.
Data released in the USDA Outlook Forum this morning showed estimates of 84 million soybean acres from the Office of the Chief Economist, down 3.1 million acres from last year if realized. Their trend adjusted yield was pegged at 52.5 bpa, with a carryout estimate at 320 mbu.
The weekly Export Sales report will be published this morning, with the trade range of estimates looking for 2024/25 sales at 200,000 to 600,000 MT in the week that ended on February 20. New crop sales are estimated to be 0-50,000 MT. Soybean meal sales are expected to be 200,000 to 525,000 MT, with bean oil bookings in a range of 0-30,000 MT.
An Argentina oilseed union is threatening to strike across processing plants in the country over a salary dispute.
Mar 25 Soybeans closed at $10.24 1/2, down 6 3/4 cents, currently up 7 3/4 cents
Nearby Cash was $9.69 1/2, down 5 1/4 cents,
May 25 Soybeans closed at $10.41 1/4, down 7 1/2 cents, currently up 8 cents
Nov 25 Soybeans closed at $10.45 1/2, down 5 1/2 cents, currently up 6 1/2 cents
New Crop Cash was $9.81 1/2, down 5 1/4 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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