Soybeans Bulls Pushing Higher on Wednesday
Soybeans are trading with 4 to 5 cent gains across the nearbys so far on Wednesday. CmdtyView’s national front month Cash Bean price is up 3 1/2 cents at $9.49 1/4. Soymeal futures are up 90 cents/ton on the day. There were another 456 deliveries issued against December soybean meal futures overnight. Soy Oil futures are up 26 points on the session. The CME showed 31 deliveries issued against Dec bean oil futures.
Export Sales data is expected to show between 1.5 and 2.2 MMT in soybean sales for 2024/25 in the week of 12/5, with 0-50,000 MT of 2025/26 soybean sales. Meal bookings are seen at 175,000 to 450,000 MT in that week, as bean oil sales are estimated at 5,000 to 100,000 MT.
On Tuesday, USDA left US soybean stocks alone at 470 mbu. For the world numbers, carryout was up 0.13 MMT at 131.87 MMT.
Jan 25 Soybeans are at $9.98 1/4, up 3 1/2 cents,
Nearby Cash is at $9.49 1/4, up 3 1/2 cents,
Mar 25 Soybeans are at $10.04 1/2, up 4 1/4 cents,
Jul 25 Soybeans are at $10.24 3/4, up 4 1/4 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.