Soybeans Turnaround for Midday Gains
Soybeans were pressured early on during the Wednesday session, but contracts are pulling out midday gains of 6 to 8 cents. Soymeal futures are helping, with October up $3.20/ton. Soy Oil futures are posting losses of 26 points in October. The CBoT showed 54 deliveries against September soybeans overnight, with 18 soybean meal deliveries, and 0 for bean oil.
Thursday’s WASDE on report is expected to show US old crop carryout projections with a slight drop, as a Bloomberg average of analysts’ is at 343 mbu. New crop stocks are expected to be raised with the increase of projection, by 8 mbu to 568 mbu. The world ending stocks projection for the 2024/25 crop is pegged at 134 MMT, down 0.3 MMT from last month if realized.
Sep 24 Soybeans are at $9.78 1/4, up 3/4 cent,
Nearby Cash is at $9.41 1/4, up 6 3/4 cents,
Nov 24 Soybeans are at $10.04, up 6 3/4 cents,
Mar 25 Soybeans are at $10.37 1/4, up 7 1/4 cents,
New Crop Cash is at $9.41 1/4, up 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.