Soybeans Holding Gains on Friday’s Midday
Soybeans are showing midday strength on Friday, with contracts up 3 to 4 cents across the nearbys. CmdtyView’s national front month Cash Bean price is up 3 1/2 cents at $9.64. Soymeal futures are down $1.90/ton, as Soy Oil futures are 75 points higher on the day.
Weekly Export Sales data has 45.76 MMT of total soybean commitments as of March 20, which is 13% above the same period last year. That is now 92% of the USDA export forecast, behind the 93% average pace from the last 5 years.
Heading into the Prospective Plantings report on Monday, traders are expecting to see 83.8 million acres of soybeans on average, according to a Bloomberg survey, with a range of 82.5 to 85.5 million acres. March 1 soybean stocks are estimated to total 1.905 bbu, ahead of the March 31 Grain Stocks report. The range of estimates is from 1.823 to 2.016 bbu.
May 25 Soybeans are at $10.20, up 3 1/4 cents,
Nearby Cash is at $9.64, up 3 1/2 cents,
Jul 25 Soybeans are at $10.34 1/4, up 3 3/4 cents,
Nov 25 Soybeans are at $10.24 1/2, up 4 cents,
New Crop Cash is at $9.61 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.