Soybeans Hold Gains on Wednesday
Soybeans pulled out of the Wednesday session with gains of 2 ¼ to 5 cents across the board at the close. Soymeal futures helped out with gains of $2.30 to $2.90/ton. Soy Oil futures saw losses of 21 to 53 points across the board on the day.
The weekly Export Sales report is expected to show new crop soybean sales of 900,000 MT to 1.6 MMT for the week that ended on September 5. Soybean meal sales are estimated in a range of 200,000 to 650,000 MT in that week, with bean oil bookings seen totaling 0 to 20,000 MT.
Thursday’s WASDE on report is expected to show US old crop carryout projections with a slight drop, as a Bloomberg average of analysts’ is at 343 mbu. New crop stocks are expected to be raised with the increase of projection, by 8 mbu to 568 mbu. The world ending stocks projection for the 2024/25 crop is pegged at 134 MMT, down 0.3 MMT from last month if realized.
Sep 24 Soybeans closed at $9.79 3/4, up 2 1/4 cents,
Nearby Cash was $9.39 1/8, up 4 1/2 cents,
Nov 24 Soybeans closed at $10.00 1/2, up 3 1/4 cents,
Mar 25 Soybeans closed at $10.34, up 4 cents,
New Crop Cash was $9.39 1/8, up 4 1/2 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.