Soybeans Pulling Back to Begin Thursday Trade
Soybeans are trading with Thursday morning losses of 4 to 11 cents. They rounded out the Wednesday session with gains of 8 to 9 ½ cents across most front months. Soymeal futures were up $7.70/ton in October. Soy Oil futures were down 87 points as pressure continues to come via crude oil. There were no deliveries against September soybean meal or oil overnight, with 4 issued against September soybeans.
Weekly Export Sales data will be delayed until Friday morning due to Monday’s Holiday.
Census data showed July soybean exports at 1.495 MMT, a 11.62% improvement from June and 17.04% above last year’s July total. In the first 11 months of the marketing year, 1.632 bbu have been shipped, leaving 68 mbu needed in August to hit the 1.7 bbu USDA projection. Meal shipments were down 6.1% from last year at 1.018 MMT.
US soybean yield was trimmed by 0.4 bpa according to the latest StoneX estimate. They raised the production total by 92 mbu to 4.575 bbu on increased acreage.
Brazil’s AgRural expects to see a 0.9% increase in soybean acreage out of the country this year to 114.66 million acres. Production is seen at 168 MMT.
Sep 24 Soybeans closed at $10.06, up 9 cents, currently down 4 1/2 cents
Nearby Cash was $9.58 1/2, up 9 3/4 cents,
Nov 24 Soybeans closed at $10.21 1/2, up 9 1/2 cents, currently down 10 3/4 cents
Mar 25 Soybeans closed at $10.53 3/4, up 9 3/4 cents, currently down 10 1/2 cents
New Crop Cash was $9.58 1/2, up 9 3/4 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.