Soybeans closed the Wednesday session with contracts steady to 3 ¾ cents in the green, getting support from meal. The cmdtyView national average Cash Bean price was up 4 cents at $10.93 1/4. Soymeal futures were up $2.30 to $5.20 on the day, with Soy Oil futures down 150 to 230 points on the day.
Crude oil was down $16.45 on the day following a 2-week ceasefire between Iran and the US that includes the reopening of the Strait of Hormuz. Early this morning President Trump posted that ‘a country supply military weapons to Iran will be immediately tariffed” by a rate of 50%.
USDA will release their monthly WASDE report on Thursday morning. A survey of analysts by Bloomberg shows very few changes expected to the US balance sheet with an average estimate at 349 mbu for soybean’s carryout, vs. 350 mbu in March. Analysts look for world stocks to be up 0.2 MMT to 125.5 MMT.
Export Sales data will be out on Thursday, as traders are looking for 200,000-600,000 MT of old crop bean sales, as new crop is expected to be 0-50,000 MT. Meal sales are seen 225,000-450,000 MT, with bean oil at 10,000 in net reductions to 12,000 MT in net sales.
May 26 Soybeans closed at $11.62, up 3 3/4 cents,
Nearby Cash was $10.93 1/4, up 4 cents,
Jul 26 Soybeans closed at $11.78, up 3 1/2 cents,
Nov 26 Soybeans closed at $11.52, up 1 cent,
New Crop Cash was $10.91 3/4, up 1 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.
