Red Start for Soy Trade

Thursday soy futures are working lower with new crop beans as much as 9 cents lower so far. Soybean futures turned around in the afternoon and closed near their session highs. November printed a 19 3/4 cent range on Wednesday. Soybean oil prices were 81 to 98 points in the black at the close. Soymeal futures missed out with $2 to $3.40/ton losses on the day. 

Preliminary open interest was down 71 contracts for beans, showing little new participation in the modest Tuesday rally. There were zero deliveries against May soybeans. The oldest long is dated 1/18/23. There were zero delivery notices overnight against May BO. There were 29 put out against May meal, the first deliveries against the contract. 

After seeing the lowest prices since October 2021, Canadian Canola Prices closed with gains for the 3rd consecutive session, ending up by $6.50 CAD/MT. 

Analysts are expecting between 100k and 400k MT of old crop soybean sales ahead of the weekly FAS Export Sales report. New crop sales are expected to be below 100k MT. For the products, analysts expect 75k to 300k MT old crop meal bookings and 0-20k MT of old crop oil sales.

May 23 Soybeans  closed at $14.48, up 8 1/2 cents, currently down 3 1/2 cents

Nearby Cash was $14.01 1/2, up 7 cents,

Jul 23 Soybeans  closed at $14.17 1/2, up 6 3/4 cents, currently down 7 cents

Nov 23 Soybeans  closed at $12.72 1/4, up 5 cents, currently down 9 cents

On the date of publication, Alan Brugler 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.