Soybeans are trading with weaker action on Thursday, as contracts are down 1 to 2 cents. Futures saw late session buying, with contracts closing 10 to 12 cents higher. Wednesday’s preliminary open interest rose 8,252 contracts. The cmdtyView national average Cash Bean price was 10 cents higher at $9.35. Soymeal futures were down $1 in the nearby October contracts, as other contracts were steady to 80 cents higher. Soy Oil futures were 73 to 93 points higher.
Futures shrugged off early session pressure as buying followed a President Trump post that soybeans will be a major topic of discussion in a meeting between he and President Xi of China later this month.
EIA data showed soybean oil used in biodiesel and renewable biodiesel at 1.108 billion pounds in July. That was the highest in 8 months, but slightly below last year.
Export Sales data will be delayed from the normal Thursday morning release, as analysts had been looking for 0.3 and 1.6 MMT of soybeans sold in the week ending on 9/25.
StoneX estimates the US soybean crop at 53.9 bpa, a 0.7 bpa increase from last month’s estimates. Production was estimated at 4.326 bbu.
Nov 25 Soybeans closed at $10.13, up 11 1/4 cents, currently down 2 cents
Nearby Cash was $9.35 1/1, up 10 cents,
Jan 26 Soybeans closed at $10.31, up 10 3/4 cents, currently down 1 1/2 cents
Mar 26 Soybeans closed at $10.46 1/4, up 10 1/2 cents, currently down 1 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.
