Soybeans Pulling Back on Wednesday
Soybeans are taking a breather on Wednesday, showing midday losses of 10 to 13 cents across most contracts. Soymeal is trading $3.70/ton lower in the July contract. Soy Oil is following along, with contracts down 34 points at midday.
Weekly Export Sales data will be updated on Thursday morning, with traders expecting to see between 250,000 and 600,000 MT of old crop bookings in the week that ended on May 2. New crop sales are expected to be in a range of 0-100,000 MT. Soy meal bookings are seen in a range of 100,000-400,000 MT, as bean oil sales are estimated between net reductions of 5,000 to sales of 12,000 MT.
Ending stocks ahead of the reports are pegged at 341 mbu, relatively unchanged from the 340 in the April report. The USDA will also issue new S&Ds for the 24/25 crop, with the average trade guess from analysts at 439 mbu for the carryout.
May 24 Soybeans are at $12.24 1/2, down 7 3/4 cents,
Nearby Cash is at $11.73, down 12 3/8 cents,
Jul 24 Soybeans are at $12.35, down 11 1/2 cents,
Nov 24 Soybeans are at $12.17 3/4, down 10 1/4 cents,
New Crop Cash is at $11.60 1/8, down 10 5/8 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.