Soybeans are trading with fractional gains so far on Thursday morning. Futures settled Wednesday trade with contracts 3 to 7 ¼ cents higher in the front months, as some deferred were steady to slightly lower. Open interest was up 7,894 contracts on Wednesday. There were 68 deliveries issued against January soybeans as they expired on Wednesday, with the total for the period at 3,397. The cmdtyView national average Cash Bean price was 4 cents higher at $9.70 1/2. Soymeal futures were up 80 cents to $1.20 to close out the day, as Soy Oil futures were down 2 to 22 points. The latter is back down this morning following sharp losses in crude oil. There were 11 deliveries against January bean meal overnight, with 3 for soy oil.
NOPA data will be out this morning, with traders looking for a total of 224.8 million bushels of soybeans crushed in December.
Export Sales data will be released shortly, with analysts looking for between 0.8-1.8 MMT in soybean sales in the week ending on 1/8. Soybean meal sales are seen between 150,000-400,000 MT, with 0-26,000 MT for bean oil.
Brazil soybean production is estimated at 176.12 MMT according to CONAB, which was a 1 MMT cut from their Decembers projection.
Jan 26 Soybeans closed at $10.30 1/2, up 7 1/4 cents,
Nearby Cash was $9.70 1/2, up 4 cents,
Mar 26 Soybeans closed at $10.42 1/2, up 3 3/4 cents, currently up 1/2 cent
May 26 Soybeans closed at $10.55, up 3 cents, currently up 1/4 cent
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.
More news from Barchart
