Soybeans Extending Gains at Midday
The soybean market is trading with fractional to 5 cent gains on Wednesday, with front months leading the strength. 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 is up 3 3/4 cents to $10.26 1/2. Soymeal futures are down 50 cents so far on the day, with Soy Oil futures rallying another 52 points.
Rains are expected to be widespread this next week from the Northern Plains to the ECB. This may limit some planting progress, but will be welcomed for crops already in the ground.
Indonesia is increasing their export tax on crude palm oil exports from 7.5% to 10% starting on May 17.
NOPA data will be released on Thursday morning, with traders looking for a total of 184.64 million bushels of soybeans crushed in April. That would be down 5.1% from a month ago but 9% above a year ago. Bean oil stocks are estimated to be reported at 1.412 billion lbs.
May 25 Soybeans are at $10.58, down 9 1/4 cents,
Nearby Cash is at $10.26 1/2, up 3 3/4 cents,
Jul 25 Soybeans are at $10.77, up 4 1/2 cents,
Nov 25 Soybeans are at $10.59 3/4, up 1/4 cent,
New Crop Cash is at $9.97 1/4, up 3/4 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. For more information please view the Barchart Disclosure Policy here.