Soybeans Weaker to Kickoff Thursday
Beans are posting slightly lower trade as we begin Thursday, with contracts down 1 to 2 ¼ cents. The soybean market faced a weaker trade on Wednesday, with futures down 11 to 16 cents across most contracts, led by the nearbys. The average November futures close in February, used to determine the base price for crop insurance, has been $10.60, down 95 cents from last year. The national front month Cash Bean price from cmdtyView was down 15 1/2 cents at $9.66 1/4. Soymeal futures were down $2.50/ton, with Soy Oil futures 47 points lower on the session.
Weekly Export Sales data will be released shortly, with analysts looking for 300,000-800,000 MT of old crop soybean sales during the week of February 6. There is also 0-50,000 MT expected for new crop business. Meal sales are estimated in a range of 200,000-625,000 MT, with bean oil sales seen between 0-35,000 MT.
Brazil’s CONAB saw a slight reduction to their country’s soybean crop in this morning’s report, down 0.31 MMT to 166.01 MMT. As for Argentina, the Rosario Grains Exchange cut their estimate for the crop to 47.5 MMT.
Mar 25 Soybeans closed at $10.27 3/4, down 15 3/4 cents, currently down 1 3/4 cents
Nearby Cash was $9.66 1/4, down 15 1/2 cents,
May 25 Soybeans closed at $10.45 3/4, down 14 1/2 cents, currently down 2 1/4 cents
Nov 25 Soybeans closed at $10.44, down 11 1/2 cents, currently down 1 3/4 cents
New Crop Cash was $9.80 3/4, down 11 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.