Noticed soybeans were pretty flat Wednesday, with most contracts barely budging. March futures dropped a bit over 1 3/4 cents while the cash market held around $10.97 3/4, down just 3/4 cent. Soymeal took a bigger hit though, off $3.70 to $4 for the day, but soy oil was climbing 50-65 points in the front months. Saw another 244 deliveries overnight which is keeping things interesting. The soybean price news worth watching is that USDA export sales report dropping Thursday morning. Traders are looking for somewhere between 0.3-1 MMT in soybean sales for that week, with new crop business potentially sitting at zero to 100k MT. Meal sales expected around 200-550k MT and bean oil showing net reductions. For reference, Mar soybeans were at $11.54 down 1 3/4, May sitting unchanged around $11.70 1/2, and Jul up half a cent to $11.83 3/4. If you're following soybean price movements, the export data will probably be the key thing to watch this week. Not much volatility yet but that could change depending on what those sales numbers look like.

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
Add a comment
Add a comment
No comments
  • Pin