Soybeans are trading with 7 to 9 cent gains on Wednesday morning. Futures were lower on Tuesday with contracts down 3 to 6 ½ cents across most months. Open interest was down 10,682 contracts on Tuesday, suggesting longs were exiting. The cmdtyView national average Cash Bean price was down 4 1/4 cents at $10.91 1/4. Soymeal futures were 20 cents to $2.20 lower on the day, with Soy Oil futures down 6 to 61 points.
NOPA data will be released this morning, with traders surveyed by Reuters looking for 229.98 million bushels of soybeans crushed in March.
Brazil’s soybean crop was estimated at 179.15 MMT by CONAB, a 1.3 MMT hike from the previous number in March. Yield was hiked 0.36 bushel/acre to a record 54.96 bpa.
March soybean imports by China totaled 4.02 MMT, according to the country’s customs data, up 14.9% from a year ago.
May 26 Soybeans closed at $11.58, down 4 1/4 cents, currently up 8 1/4 cents
Nearby Cash was $10.91 1/4, down 4 1/4 cents,
Jul 26 Soybeans closed at $11.72 3/4, down 4 3/4 cents, currently up 8 1/4 cents
Nov 26 Soybeans closed at $11.44, down 5 3/4 cents, currently up 7 cents
New Crop Cash was $10.82 3/4, down 6 cents,
