Soybeans Showing Gains at Midday
The soybean market is trading with contracts 5 to 8 cents in the green on Wednesday. The cmdtyView Cash Bean price is up 8 cents to $10.03 1/4. Soymeal futures are $2.80/ton higher, as Soy Oil were back down 9 points.
Export Sales data will be out tomorrow, with the trade looking for 100,000 to 500,000 MT in 2024/25 soybean sales and 0 to 100,000 MT for new crop business. Soybean meal sales are seen at 200,000 MT to 700,000 MT, with 5,000 to 35,000 MT for soybean oil in the week of 5/29.
While the next week is looking wetter for parts of KS and stretching over to the Eastern Corn Belt, a pocket of expected dryness is over much of NE, and parts of eastern IA, southern MN, and southeast SD, which extends past 7 days in some forecasts.
Jul 25 Soybeans are at $10.48 1/4, up 7 1/2 cents,
Nearby Cash is at $10.03 1/4, up 8 cents,
Aug 25 Soybeans are at $10.41 1/2, up 7 1/4 cents,
Nov 25 Soybeans are at $10.26 1/2, up 5 cents,
New Crop Cash is at $9.67 1/2, up 5 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.