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Soybeans Rallying Back Ahead of the Weekend
The soybean market is gaining back some upward momentum after a technical break lower earlier in the week. Contracts are up 11 to 13 cents at midday. CmdtyView’s national front month Cash Bean price is up 11 1/4 cents at $9.24. Soymeal futures are up $10.60/ton. Soy Oil futures are down 34 points on the session. Some weather forecasts are calling for limited rainfall in much of Argentina in the more extended 8-14 days, with the next week seeing light showers in the western half of the country. Brazil is expected to receive normal rainfall totals. Thursday morning’s USDA Export Sales report has total marketing year shipments at 25.173 MMT, 22% larger than last year and a 4-year high. That is 51% of USDA’s 1.825 bbu full year estimate, ahead of the 47% average pace. Bean commitments are 38.708 MMT, now 10% above last year and 78% of the USDA projection, 1 percentage point ahead of the normal pace. Jan 25 Soybeans are at $9.74 1/2, up 11 1/2 cents, Nearby Cash is at $9.24, up 11 1/4 cents, Mar 25 Soybeans are at $9.79 1/4, up 12 3/4 cents, Jul 25 Soybeans are at $9.97 1/2, up 12 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. |
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