Soybeans are trading with slight fractional gains on Wednesday. Futures closed Tuesday with contracts down 1 to 3 cents. Open interest was up 7,135 contracts on Tuesday, with the front 2 contracts seeing some decline. There was another 29 deliveries reported overnight, taking the total to 1,736 for the month. The cmdtyView national average Cash Bean price was 2 1/2 cents lower at $10.53 1/4. Soymeal futures were down $2.00 to $3.10 on the day, with Soy Oil futures 41 to 54 points higher.
Crop Production data is expected to be released on Friday, as a Reuters survey of traders shows soybean yield expected to drop 0.4 bpa to 53.1 bpa, with output dropping 35 mbu to 4.266 bbu.
Brazil’s November soybean export total is estimated at 4.26 MMT, according to ANEC, a 0.49 MMT hike from the previous number.
Nov 25 Soybeans closed at $11.13 1/4, down 2 3/4 cents, currently up 7 1/2 cents
Nearby Cash was $10.53 1/4, down 2 1/2 cents,
Jan 26 Soybeans closed at $11.27 1/4, down 2 3/4 cents, currently up 1/2 cent
Mar 26 Soybeans closed at $11.38, down 1 1/4 cents, currently up 1/2 cent
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.
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