Soybeans are trading fractionally higher in some front months early on Thursday, as November is up 6 cents. Futures posted 4 ¾ to 10 ¼ cent gains across the front months on Wednesday, as new crop led the charge with the new crop soy/corn ratio creeping towards 2.33. Open interest was down 9,765 contracts on Wednesday showing some shorts covering. The cmdtyView national average Cash Bean price was up 5 cents at $10.87 3/4. Soymeal futures were $4.00 to $10.00 higher on the day, with Soy Oil futures falling back late, steady to 44 points lower.
The weekly Export Sales report will be out this morning, as analysts are expecting 350,000 to 800,000 MT for old crop for the week ending on 3/12. New crop sales are estimated to be 0 to 100,000 MT. Soybean meal sales were seen at 150,000-350,000 MT, with net reductions of 20,000 MT to net sales of 22,000 MT.
Soybean planted acres are estimated to be 85.66 million acres according to an Allendale survey of producers, a 4.46 million acre increase yr/yr. USDA will release their March Intentions report on the 31st.
May 26 Soybeans closed at $11.61 3/4, up 4 3/4 cents, currently up 3/4 cent
Nearby Cash was $10.87 3/4, up 5 cents,
Jul 26 Soybeans closed at $11.76 1/2, up 5 1/4 cents, currently up 1 cent
Nov 26 Soybeans closed at $11.41 1/2, up 10 1/4 cents, currently up 6 cents
New Crop Cash was $10.79 1/4, up 10 1/4 cents,
