Soybeans were weak early on Wednesday but shrugged off the losses to close with 6 to 7 ¼ cent front month gains. There was another 29 deliveries reported for November futures overnight, taking the total to 1,736 for the month. The cmdtyView national average Cash Bean price was 6 ¾ cents higher at $10.60. Soymeal futures were up $5.10 to $5.30 in the nearbys on the day, with Soy Oil futures 51 to 53 points lower.
Crop Production data is expected to be released on Friday, as a Reuters survey of traders shows soybean yield expected to drop 0.4 bpa to 53.1 bpa, with output dropping 35 mbu to 4.266 bbu. Ending stocks via the monthly WASDE report are expected to total 304 mbu, vs. the 300 mbu from September.
The market is gauging the export demand, with the lack of Export Sales reports and China yet to confirm the 12 MMT in commitments that was announced in late October.
Nov 25 Soybeans closed at $11.20 1/2, up 7 1/4 cents,
Nearby Cash was $10.60 1/1, up 6 3/4 cents,
Jan 26 Soybeans closed at $11.33 3/4, up 6 1/2 cents,
Mar 26 Soybeans closed at $11.44, up 6 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.
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