Soybeans are showing 1 to 4 cent losses across most contracts on Wednesday. The cmdtyView national average Cash Bean price is up 1 ¼ cents at $10.97 3/4. Soymeal futures are up $1.50 to $2.00, with Soy Oil futures 150 to 165 points lower. Crude Oil is weaker, down $1.56 as the Middle East situation has cooled off after a post from President Trump suggested Iran is looking for a ceasefire.
USDA Export Sales data is estimated to show between 300,000-700,000 MT in Thursday’s Export Sales update for old crop. New crop business is seen at 0-50,000 MT. Soybean meal sales are seen in a range of 200-500,000 MT, with bean oil at 0-12,000 MT.
NASS data via the annual Prospective Plantings report showed a total of 84.7 million acres of soybean intended for this spring. That was a 3.485 million acre swing higher from a year ago, but 787,000 acres below the average trade guess.
March 1 soybean stocks came in at 2.105 billion bushels in the quarterly Grain Stocks report, which is up 194 mbu from a year ago. That was also 19 mbu above the Bloomberg trade estimate and 38 above the Reuters survey.
May 26 Soybeans are at $11.66 1/2, down 4 1/2 cents,
Nearby Cash is at $10.97 3/4, up 1 3/4 cents,
Jul 26 Soybeans are at $11.82, down 4 cents,
Nov 26 Soybeans are at $11.54, down 3 1/2 cents,
New Crop Cash is at $10.92, down 1 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.
