Soybeans Start the Midweek Session Lower
Beans are trading 5 to 7 cents in the red so far in the midweek session. Bear spreading resulted in old crop losses of ½ to 2 ½ cents. New crop contracts were up 5 ¼ to 9 ¾ cents across most months.. Soymeal got some pull back with contracts out through Jan down 50 cents to $4.40. Deferred months were higher. Soy Oil saw gains of 62 to 74 points across most contracts to lead the way higher.
US soybean production for 2024/25 is expected to be tallied at 4.449 bbu in the Friday WASDE report showing the initial 24/25 balance sheet. USDA typically stays with the March Intentions number for planted acreage, and most in the trade expect them to adopt the 52 bpa trendline yield that was used February Outlook forum.
Ending stocks ahead of the reports are pegged at 341 mbu, relatively unchanged from the 340 in the April report. The USDA will also issue new S&Ds for the 24/25 crop, with the average trade guess from analysts at 439 mbu for the carryout.
Stats Canada showed canola stocks on March 31 at 8.263 MMT, a 17.5% increase from last year, with soybean stocks down 0.9% at 2.046 MMT.
May 24 Soybeans closed at $12.32 1/4, down 2 1/2 cents, currently up 1 1/4 cents
Nearby Cash was $11.85 1/2, down 2 5/8 cents,
Jul 24 Soybeans closed at $12.46 1/2, down 2 1/4 cents, currently down 6 1/4 cents
Nov 24 Soybeans closed at $12.28, up 8 1/4 cents, currently down 7 cents
New Crop Cash was $11.71 3/4, up 7 3/4 cents,
On the date of publication, Alan Brugler 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.