Soybeans Showing Higher Midday Trade
Soybeans are recovering from overnight weakness on Friday, with midday strength of 2 to 7 cents. The cmdtyView Cash Bean price was up 7 cents to $10.14. Soymeal futures are down $1.20/ton higher, as Soy Oil are up 81 points.
Export Sales data indicated a total of 48.65 MMT of 2024/25 soybeans have been booked by exporters as of May 29. That is 97% of the USDA forecast total and behind the 99% average. Actual exports are 44.666 MMT, which matches the pace needed to get USDA’s number at 89%.
Monthly trade data from Brazil showed 14.099 MMT of soybeans shipped in May, up from 13.436 MMT last year.
The Buenos Aires Grain Exchange estimates 88.7% of the Argentina harvest has been completed, with their production forecast at 50 MMT.
Jul 25 Soybeans are at $10.58 3/4, up 7 cents,
Nearby Cash is at $10.14, up 7 cents,
Aug 25 Soybeans are at $10.50 1/2, up 4 cents,
Nov 25 Soybeans are at $10.35 1/4, up 2 cents,
New Crop Cash is at $9.77 1/1, up 2 1/2 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.