Soybeans are rallying back on Wednesday, with contracts up 16 to 20 cents at midday. There were no deliveries issued overnight. The cmdtyView national average Cash Bean price is up 19 1/2 cents at $10.07 1/4. Soymeal futures were are $1.60 higher on the day, as Soy Oil is up 119 points at midday. Another 927 contracts were issued for delivery overnight for July bean meal, with 424 for July bean oil.
Ahead of Thursday morning’s Export Sales report, analysts surveyed by Reuters are looking for between 300,000 and 700,000 MT of old crop beans booked in the week of June 26. New crop sales are expected to total between 0 and 300,000 MT. Soybean meal sales are expected to total 100,000 to 650,000 MT, with bean oil bookings in a range of net reductions of 10,000 MT to sales of 26,000 MT.
Tuesday afternoon’s Fats & Oils report showed a total of 203.7 mbu of soybean crushed during May, which was a 0.65% increase from April and 6.3% above the same month last year. Stocks totaled 1.876 billion lbs, down 5.06% from the month prior and 14.3% below the same month in 2024.
The 7-day QPF from NOAA shows rains up to 1.5 inches in parts of NE, IA, MN, WI, and the Dakotas with much of the rest of the Corn Belt seeing trace amounts.
Jul 25 Soybeans are at $10.45 1/4, up 20 1/2 cents,
Nearby Cash is at $10.07 1/4, up 19 1/2 cents,
Aug 25 Soybeans are at $10.49 1/2, up 19 3/4 cents,
Nov 25 Soybeans are at $10.43 3/4, up 16 1/2 cents,
New Crop Cash is at $9.96 1/2, up 16 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.
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