Soybeans Rally from Early Weakness
The soybean market is trading with mixed trade on Wednesday morning, July is up 1 ¾ cents and November is down a penny. Soybeans saw contracts pulling well off their lows on Tuesday, with contracts up 1 to 2 cents in the nearbys. Preliminary open interest was up 3,023 contracts. There were 2 delivery notices for May soybeans overnight, with 53 for soybean meal and 317 issued for May soybean oil. The cmdtyView Cash Bean price was up 1 3/4 cents to $10.22 3/4. Soymeal futures were down $3.80 to $5.20 so far on the day, with Soy Oil futures rallying 116 to 161 points into the close.
Bean oil strength in coming following a proposed House bill that would extend the 45Z tax credit through 2031, while excluding non-domestic feedstock outside of the US, Canada, and Mexico.
Soybean planting was pegged at 48% complete as of Sunday per USDA, ahead of the 37% average pace and 34% from the same date last year. Of the 18 major states NASS reports, just KY and MI were lagging behind, by 1 percentage point. The crop was listed at 17% emerged, 6 percentage points faster than average.
ANEC estimates the Brazilian export total for May at 14.27 MMT, a jump of 1.67 MMT from the previous estimates.
May 25 Soybeans closed at $10.67 1/4, up 1 1/4 cents, currently up 3/4 cent
Nearby Cash was $10.22 3/4, up 1 3/4 cents,
Jul 25 Soybeans closed at $10.72 1/2, up 1 1/4 cents, currently up 1 3/4 cents
Nov 25 Soybeans closed at $10.59 1/2, up 2 cents, currently down 1 cent
New Crop Cash was $9.96 1/4, up 1 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.