The soybean complex is trading with contracts up 6 to 8 cents early on Wednesday trade. Soybeans posted stronger action on Tuesday, most contracts were steady to 5 cents higher. CmdtyView’s national front month Cash Bean price was down 1 cent at $9.83. Soymeal futures were up $1.3/ton, with Soy Oil futures up 11 to 19 points in the front months on the session.
CONAB estimates the Brazilian soybean crop at 3.2% harvested, behind the 8.6% pace from last year. ANEC estimates the Brazilian soybean exports during January at 1.5 MMT, a reduction of 720,000 MT from their previous estimate. That would be a drop of 21.47% from December and 31.3% below January 2024.
Dr. Michael Cordonnier estimates the Argentina soybean crop at 49 MMT, a 2 MMT reduction from his previous number. The Brazilian soybean estimate was left along at 170 MMT.
Mar 25 Soybeans closed at $10.45, unch, currently up 7 3/4 cents
Nearby Cash was $9.83, down 1 cent,
May 25 Soybeans closed at $10.59 1/2, up 1 cent, currently up 7 3/4 cents
Nov 25 Soybeans closed at $10.47 1/2, up 4 1/4 cents, currently up 6 1/2 cents
New Crop Cash was $9.83 3/4, up 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.More news from Barchart
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