Soy Futures Fade into Thursday
Front month soy futures were weaker on Wednesday led by the soy oil futures. Soy Oil futures closed more than 70 points weaker with 1.5% losses. Beans were down by 4 ¾ to 7 ½ cents across the front months on Wednesday. Soymeal futures closed the day off the session highs with 80 cent losses to $1 losses.
Pre-report estimates have old crop bean sales coming in between 300k MT and 700k MT for the week that ended 3/21. Traders are looking for new crop export bookings to be below 50k MT. The Export Sales report is expected to show soymeal sales between 150k MT and 350k MT. Soy oil bookings are expected to be below 10k MT for the week.
StatsCan data showed Canada’s Feb canola crush was 898k MT. That was up 10.6% from the same month last year. Canola oil output was 382k MT.
AgRural reported Brazilian soybean harvest at 69%, which is now trailing last year by 1 percentage point.
May 24 Soybeans closed at $11.92 1/2, down 6 1/2 cents,
Nearby Cash was $11.35 1/8, down 6 3/8 cents,
Jul 24 Soybeans closed at $12.06 1/2, down 6 cents,
Nov 24 Soybeans closed at $11.83 1/2, down 7 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.