Soybeans Higher in Thursday Midday Trading
Soybeans are trading 11 to 14 cents higher in the Chicago futures market at midday on Thursday. They closed the Wednesday session with contracts down 9 to 12 cents in the nearbys and November just 3 cents lower. Preliminary soybean open interest was down 4,827 contracts, with a bulk in the March. CmdtyView’s national front month Cash Bean price was down 11 3/4 cents at $9.94 ¼. Soymeal futures are up $2.10 to $2.60 per ton as this is written. Soy Oil futures are rebounding from Wednesday weakness and up 60 to 70 points.
Brazilian basis bids are indicated lower due to snags in unloading at Chinese ports. The Brazilian ag ministry confirmed issues with pesticide and insects in the recently rejected cargos, but insists that the problem is limited to 5 firms and will not materially impact exports to China overall.
Release of the Weekly Export Sales data is pushed back to Friday due to the Monday holiday.
S&P Global put their estimate for 2025 US soybean planted acreage at 83.3 million acres. That compares to 87.050 in 2024.
Mar 25 Soybeans are at $10.71, up 15 cents,
Nearby Cash is at $10.10 1/4, up 15 cents,
May 25 Soybeans are at $10.83, up 14 3/4 cents,
Nov 25 Soybeans are at $10.58 1/2, up 11 3/4 cents,
New Crop Cash is at $9.94 1/1, up 12 1/4 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.