Soybeans In the Red on Wednesday
The soybean market is posting 15 to 17 cent losses across most contracts on Wednesday. The cmdtyView national average Cash Bean price is down 15 3/4 cents at $9.85 3/4. Soymeal futures are $3.80/ton lower. Soy Oil is down 20points on the day.
The forecast continues to look less threatening to the US, with rains of at least an inch from the Northern Plains to the Eastern Corn Belt over the next week.
Coffee Prices Plummet as Frost Risks in Brazil Subside
Have the Wheels Fallen Off the Corn Market?
Cocoa Prices Supported by Tighter Supplies from the Ivory Coast
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Export Sales data is set to be released on Thursday morning, with traders expecting to see between 200,000 and 600,000 MT of soybeans sold for 2024/25 shipment. New crop sales are expected to see 0 to 150,000 MT in sales during the week of June 19. Sales for soybean meal are estimated between 100,000 and 650,000 MT, with net reductions of 10,000 MT to net sales of 34,000 MT for soybean meal.
The June Acreage report will be out on Monday with the trade looking for 83.5 million acres of soybean planted this spring, which matches the March Planting Intentions report. The range of estimates is 82 to 85 million acres.
Jul 25 Soybeans are at $10.30 1/2, down 16 1/4 cents,
Nearby Cash is at $9.85 3/4, down 15 3/4 cents,
Aug 25 Soybeans are at $10.33 1/2, down 16 3/4 cents,
Nov 25 Soybeans are at $10.21, down 16 cents,
New Crop Cash is at $9.68 1/2, down 16 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. This article was originally published on Barchart.com
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