Soybeans Close with Slight Gains on Wednesday
Soybeans slipped back off the midday gains, to close Wednesday with gains limited to 1 to 2 ¼ cents. The cmdtyView national average Cash Bean price was up 1 3/4 cents at $9.69 1/4. Soymeal futures were up another $0.80 to $4.60 across the board, with Soy Oil futures down 10 to 48 points on the day.
The NOAA 7-day QPF map calls for dryness in much of the east, with less than ¼ inch expected for the ECB. Totals nearing ½ inch are seen in parts of the WCB.
Export Sales estimates are looking for between net reductions of 300,000 MT to sales of 300,000 MT for old crop bean business in the week ending on August 14. New crop sales are expected to land between 0.4 and 1 MMT. Soybean meal sales are estimated at net reduction of 50,000 MT to sales of 450,000 MT, with bean oil seen between net cancellations of 10,000 and 15,000 MT in sales.
The second day of the ProFarmer Crop Tour finished off data in Nebraska, with soybean pod counts averaging 1,348.31, which was 15% above last year and 19.1% larger than the 3-year average. Pod counts in Indiana were down 2.31% from a year ago at 1,376.59, which was also 6.3% above the 3-year average.
Sep 25 Soybeans closed at $10.15, up 2 cents,
Nearby Cash was $9.69 3/4, up 1 3/4 cents,
Nov 25 Soybeans closed at $10.36, up 2 1/4 cents,
Jan 26 Soybeans closed at $10.55 1/4, up 2 cents,
New Crop Cash was $9.60 1/4, up 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.