Soybeans Posting Midday Gains
Soybean futures are seeing bulls push back on Thursday, with contracts 6 to 11 cents at midday. The cmdtyView national front month Cash Bean price is 10 cents higher at $9.71 3/4. Soymeal futures are up $1.40/ton on the day, with Soy Oil futures back up 59 points.
Export Sales data will be pushed back to a Friday morning release, as traders expect to see between 100,000 and 500,000 MT in old crop bean sales during the week of 2/13. Sales for new crop are estimated to be up to 100,000 MT. Soybean meal sales are seen at 200,000-600,000 MT in bean sales. Bean oil bookings are expected to be between net reductions of 5,000 MT and net sales of 25,000 MT.
The International Grains Council cut back their projection for world soybeans by 2 MMT to 418 MMT, with ending stocks 2 MMT lower to 82 MMT.
Mar 25 Soybeans are at $10.41 3/4, up 10 cents,
Nearby Cash is at $9.81 1/1, up 10 cents,
May 25 Soybeans are at $10.59, up 10 3/4 cents,
Nov 25 Soybeans are at $10.58, up 6 3/4 cents,
New Crop Cash is at $9.94 1/2, up 7 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.