Soybeans Pushing Red into Weds
Soybean prices are starting off Wednesday with another 3 ¾ to 6 cent weakness. The July ’24, Aug ’24, and Jan ’25 contracts held over the $12 mark for the close despite 7 to 10 ¼ cent losses on Tuesday. The other front months were below the round number and closed near their session lows. Preliminary open interest for soybeans rose 11,057 contracts, suggesting net new selling. Most of that was in the July and November contracts.
Soymeal futures ended Tuesday with $1.60 to $1.90 losses on the pullback. Front month Soy Oil futures were 53 to 60 points lower on the day, and just ~5 points off their session low. Dalian and Malaysian palm oil futures continue to be well supported, but higher Canola crush stimulated traders to fade Monday’s rally and give us a Turnaround Tuesday in BO.
StatsCan data showed Canada’s Feb canola crush was 898k MT. That was up 10.6% from the same month last year. Canola oil output was 382k MT.
AgRural reported Brazilian soybean harvest at 69%, which is now trailing last year by 1 percentage point.
May 24 Soybeans closed at $11.99, down 10 1/4 cents, currently down 5 3/4 cents
Nearby Cash was $11.42 5/8, down 10 1/2 cents,
Jul 24 Soybeans closed at $12.12 1/2, down 9 1/4 cents, currently down 5 1/2 cents
Nov 24 Soybeans closed at $11.91, down 7 3/4 cents, currently down 5 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.