Beans Holding Up on Wednesday

Prepared tofu and soybeans on table

Soybeans are trading on the higher side of unchanged so far on the midweek session as futures are up 1 to 2 ½ cents so far.  The product values keep a supportive thing for once this week, with Soymeal up $1.50 to $1.90/ton and Soy Oil 8 to 9 points higher.  

The weekly Export Sales report will be out on Thursday morning, with the trade range of estimates running 300,000-650,000 MT of soybean sales for the week that ended on April 11. The new crop total is expected to be in the range of 250,000-450,000 MT. Sou meal sales are seen totaling 100,000 to 400,0000 MT in that week, with bean oil in arrange of net reduction of 5,000 to net sales of 20,000 MT. 

Dr. Michael Cordonnier raised his Brazilian soybean production estimate by 2 MMT to 147 MMT, still well below the 155 MMT from USDA. Crusher association Abiove raised their number by 1.3 to 160.3 MMT.

May 24 Soybeans  are at $11.47 1/4, up 2 1/4 cents,

Nearby Cash   is at $10.94 5/8, up 2 5/8 cents,

Jul 24 Soybeans  are at $11.62, up 2 cents,

Nov 24 Soybeans  are at $11.60 3/4, up 2 1/4 cents,

New Crop Cash   is at $10.97 1/2, up 2 1/2 cents,

On the date of publication, Alan Brugler 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.