Wednesday Soybean Futures Sitting in the Black

Large soybean field on a sunny day

Futures are trading 2 to 4 cents higher at midday, though prices remain 10c off their overnight highs. May beans are a net 1 ¾ cents higher for the week’s move so far. Front month Soymeal futures are trading $3.30 to $4.70 higher at midday. Soy oil futures are backing off by 55 points so far. May BO is at a net 40 point gain for the week’s move. 

Weekly soybean export sales are expected to be between 100k MT and 600k MT for the week that ended 2/22. Meal bookings are expected to be below 550k MT going into the FAS data release. Traders aren’t looking for more than 100k MT of soy oil sales for the week. 

StatsCan data showed 973k MT of canola processing for January. That was up by 7% from last year, with the season’s total running 12.7% ahead of last year’s pace. 

Traders are looking for the Jan soy crush to come in at 196.6 mbu in the Friday Fats and Oils report. Soy oil stocks are figured to be 8% larger for the month at 1.982 billion pounds. 

Brazil’s soybean harvest was marked at 40% complete by consulting firm AgRural, that was up from 33% at the same point last year.  

Mar 24 Soybeans  are at $11.36, up 4 3/4 cents,

Nearby Cash   is at $10.86, up 4 3/4 cents,

May 24 Soybeans  are at $11.45 1/2, up 4 3/4 cents,

Jul 24 Soybeans  are at $11.55 3/4, up 4 1/4 cents,

On the date of publication, Alan Brugler 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.