Soybeans Falling on Wednesday
Soybeans are heading lower on Wednesday’s midday, with losses of 9 to 12 cents. May ahead of FND. May open interest as of Tuesday night was just 5,160 contracts, with 3 deliveries issued overnight. CmdtyView’s national front month Cash Bean price is down 10 ¾ cents at $9.85 1/2. Soymeal futures are back down 70 cents /ton, with Soy Oil futures were falling back another 65 points. May soybean meal had 629 deliveries issued overnight, with 852 contracts for May bean oil.
There is some pressure as we head into the end of the month. Precipitation is limited in parts of the Midwest for much of the next week, with some heavier totals in part of IL. This should allow for planting to continue ahead of normal.
A Bloomberg survey of analyst shows estimated March soybean crush at 205.9 million bushels, up 1.2% from last year if realized. The report will be released on Thursday afternoon.
May 25 Soybeans are at $10.31 1/4, down 9 3/4 cents,
Nearby Cash is at $9.85 1/2, down 10 3/4 cents,
Jul 25 Soybeans are at $10.41 1/4, down 11 1/2 cents,
Nov 25 Soybeans are at $10.15 3/4, down 9 1/2 cents,
New Crop Cash is at $9.54 3/4, down 9 3/4 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. For more information please view the Barchart Disclosure Policy here.