Soybeans Taking Back Wednesday Losses Early on Thursday
Soybeans are trying to claw back most of the Wednesday weakness, with contracts up 4 to 7 cents. The soybean market fell lower on Wednesday, down 6 to 8 cents at the close. Preliminary open interest was down 12,145 contracts, with a bulk of that due to the March exodus, down 25,325 contracts. The cmdtyView national front month Cash Bean price was down 6 1/4 cents at $9.71 3/4. Soymeal futures were up 40 cents to $1/ton on the day. Soy Oil futures were back down 70 to 100 points.
The average November soybean futures close so far this month, which is used to determine the base crop insurance price has been $10.57. Last year was $11.55.
Export Sales data will be pushed back to a Friday morning release.
Brazil’s AgroConsult trimmed back their estimate for the country’s soybean crop by 1.1 MMT to 172.4 MMT.
Mar 25 Soybeans closed at $10.31 3/4, down 6 3/4 cents, currently up 7 cents
Nearby Cash was $9.71 3/4, down 6 1/4 cents,
May 25 Soybeans closed at $10.48 1/4, down 7 1/4 cents, currently up 7 1/4 cents
Nov 25 Soybeans closed at $10.51 1/4, down 6 3/4 cents, currently up 4 3/4 cents
New Crop Cash was $9.87 1/4, down 6 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.