Soybeans are showing 3 to 5 cent losses on Thursday morning, pulling back from overnight strength, which saw November hit a new high for the move at $11.78. Futures rounded out the Wednesday trade with most contracts up 2 ¼ to 9 ¼ cents, led by the old crop contracts. Some back months were fractionally to 2 cents lower. The cmdtyView national average Cash Bean price was up 10 cents at $11.25. Soymeal futures were down 40 cents to $5.40, with Soy Oil futures up 87 to 193 points. There were no soybean or soybean meal delivery notices on first notice day, with 400 issued against May soybean oil.
The weekly Export Sales report from USDA will be out shortly, with traders looking for 2025/26 business at 200,000-600,000 MT during the week of April 23. New crop sales are seen at 0-50,000 MT. Soybean meal sales are seen at 150,000 to 400,000 MT, with bean oil seen between net cancellations of 10,000 MT to sales of 12,000 MT.
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Planting progress should continue over the next week with much of the area from the Dakotas through KS stretching over to much of IL looking with very scattered totals in NOAA’s 7-day QPF.
May 26 Soybeans closed at $11.82 1/4, up 9 1/4 cents, currently down 5 cents
Nearby Cash was $11.25 1/1, up 10 cents,
Jul 26 Soybeans closed at $11.97, up 7 3/4 cents, currently down 4 3/4 cents
Nov 26 Soybeans closed at $11.71 1/4, up 4 1/4 cents, currently down 3 3/4 cents
New Crop Cash was $11.09 1/1, up 4 1/4 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.
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