Soybeans Pulling Off Overnight Lows
The soybean market is pulling off the sharply lower overnight start, with contracts down 2 to 5 cents on Thursday morning. Soybeans posted gains of 8 to 12 cents across most contracts on Wednesday. The Preliminary ope interest data showed a drop of 4,832 contracts on Wednesday. The cmdtyView Cash Bean price was up 10 cents to $10.13 1/2. Soymeal futures were $1.50 to $3/ton higher on the day, with Soy Oil futures up 27 to 36 points.
Rain is expected across much of the country from NE to portions of the southern ECB in the next week. While the crop planted is well ahead of normal, the rains would be beneficial to the crop in the ground. Portions of ND, MN, IA and the northern edge of the ECB are seen drier.
USDA will release their weekly Export Sales report on Thursday morning, with analysts expecting to see old crop soybean business of 100,000 to 300,000 MT. Sales for 2025/26 are seen at 90,000 MT to 400,000 MT. Soybean meal sales are expected to be 100,000 to 450,000 MT, with bean oil seen between 0 and 32,000 MT.
Jul 25 Soybeans closed at $10.62 3/4, up 9 3/4 cents, currently down 2 1/2 cents
Nearby Cash was $10.13 1/2, up 10 cents,
Aug 25 Soybeans closed at $10.59, up 8 3/4 cents, currently 3 3/4 cents
Nov 25 Soybeans closed at $10.52 1/4, up 11 1/4 cents, currently 5 cents
New Crop Cash was $9.89 1/4, up 11 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.