Soybeans Closes with Marginal Weakness on Wednesday

Soybeans saw contracts facing some weakness on Wednesday, down fractionally to 3 cents at the close. The cmdtyView national average Cash Bean price was up 4 ¼ cents at $10.99 1/2. Soymeal futures were up $1.50 to $2.40, with Soy Oil futures 100 to 177 points lower. Crude Oil closed the day down $2.51 after a post from President Trump suggested Iran is looking for a ceasefire. He is expected to address the nation later this evening, likely providing some more clarity on the next steps of the conflict. Thursday will be the last trade day for the week as the markets are off for Good Friday.

Monthly soybean crush data via the Fats & Oils report from NASS was released this afternoon, showing 214.2 million bushels of soybeans crushed during February. That was up 12.99% vs. last year but down 6.04% from January. Daily crush was still an all time record of 7.65 million bushels. Marketing year crush for the first half is now at 1.334 billion bushels, up 8.28% (102 mbu) yr/yr.  USDA is calling for a 130 mbu increase vs. last year. 
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USDA Export Sales data is estimated to show between 300,000-700,000 MT in Thursday’s Export Sales update for old crop. New crop business is seen at 0-50,000 MT.  Soybean meal sales are seen in a range of 200-500,000 MT, with bean oil at 0-12,000 MT. 

May 26 Soybeans  closed at $11.68 1/2, down 2 1/2 cents,

Nearby Cash  was $10.99 1/2, up 4 1/4 cents,

Jul 26 Soybeans  closed at $11.84 1/2, down 1 1/2 cents,

Nov 26 Soybeans  closed at $11.55 1/2, down 2 cents,

New Crop Cash  was $10.94 3/4, 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.

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