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Soybeans Retreating from Highs at Midday
Soybeans prices are showing 3 to 5 cent gains in the nearbys on Wednesday. Soymeal is posting strength to lead the complex higher, up $4.80 to $5.20/ton, with Soy Oil back down 59 to 63 points.
USDA did issue a corrected report to the flash sale announcement from last week, indicating Mexico, not unknown, was the buyer of 121,500 MT of soybeans (13,500 MT for 23/24 and 108,000 MT for 24/25).
Soybean export bookings for the week that ended on April 18 are seen in a range of 300,000-600,000 MT for old crop, with 0-300,000 MT for new crop. Meal sales are in a range of 100,000 to 450,000 MT in sales, with soy oil bookings at a net reduction of 5,000 to sales of 20,000 MT.
May 24 Soybeans are at $11.71, up 3 1/2 cents,
Nearby Cash is at $11.19 3/4, up 3 1/2 cents,
Jul 24 Soybeans are at $11.86 1/4, up 4 1/4 cents,
Nov 24 Soybeans are at $11.77 1/2, up 3 1/2 cents,
New Crop Cash is at $11.14 1/1, up 3 5/8 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.