Soybeans are showing 3 to 5 cent gains so far on Wednesday AM trade. Futures were pressured into the Tuesday close, with contracts down 2 3/4 to 8 ½ cents across the board. The cmdtyView national average Cash Bean price was down 1 3/4 cents at $10.78 1/2. Soymeal futures were down $2.00 to $4.20, with Soy Oil futures up 15 to 45 points. Crude oil finished the day with late pressure, as reports surfaced of a potential 1-month ceasefire on the Middle East conflict. Iran has reportedly rejected the negotiations.
The EPA is expected to release the RVO number for this year later this week, adding some premium back into the bean oil market.
EU soybean imports were tallied at 8.92 MMT as of March 22 since July 1, down from 10.002 MT in the same period last year. ANEC estimates the Brazilian March export total at 15.87 MMT, down 0.45 MMT from their number last week.
May 26 Soybeans closed at $11.55, down 8 1/2 cents, currently up 5 cents
Nearby Cash was $10.81 1/1, down 8 1/4 cents,
Jul 26 Soybeans closed at $11.71 1/2, down 7 1/2 cents, currently up 4 1/2 cents
Nov 26 Soybeans closed at $11.43 3/4, down 2 3/4 cents, currently up 2 3/4 cents
New Crop Cash was $10.82 1/2, down 2 3/4 cents,
