Soybeans Rebound Higher on Wednesday
Soybeans recovered higher on Wednesday, with gains of 6 to 14 cents at the close. The front months posted the strongest moves, with May and November holding above $10. The cmdtyView national front month Cash Bean price was up 13 cents at $9.46. Soymeal futures were up $4.50 to $7.10/ton, with Soy Oil futures 13 to 17 points higher.
Export Sales data will be released on Thursday morning, with traders looking for 300,000-550,000 MT in old crop soybean sales in the week of 2/27 and 0-50,000 MT, with 0-50,000 MT for new crop. Soybean meal sales are estimated to be in the range of 150-000-420,000 MT, with 20,000-45,000 MT for bean oil.
Celeres trimmed their Brazilian soybean production estimate by 2.4 MMT on Wednesday to 171.6 MMT
Mar 25 Soybeans closed at $9.97 3/4, up 13 3/4 cents,
Nearby Cash was $9.46, up 13 cents,
May 25 Soybeans closed at $10.11 3/4, up 12 3/4 cents,
Nov 25 Soybeans closed at $10.09 1/2, up 6 cents,
New Crop Cash was $9.46 3/4, up 5 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.