Soybeans Rally on Wednesday

Soybeans closed out the Wednesday session with contracts up 11 ¼ to 21 ½ cents across most months. The cmdtyView national average Cash Bean price was up 21 cents at $11.98. Soymeal futures were up $4.70 to $6.80, as Soy Oil was back up 17 to 58 points.

The ProFarmer Crop Tour showed Nebraska pod counts in a 3’x3’ square averaging 1,219.62, 9.54% below last year and 0.6% the 3 year average. Indiana pod counts came in at 1,318.64 bpa, down 4.21% from a year ago and 3.4% decline from the three year average. Results for Illinois will be announced later this evening.

Export Sales data will be released on Thursday, with traders looking for between net reductions of 50,000 to sales of 400,000 MT for old crop soybean sales in the week of 8/13. New crop business is seen 1-1.9 MMT. Soybean meal saels are seen between 150,000 to 500,000 MT, with bean oil bookings between net reductions of 10,000 MT and sales of 10,000 MT.  

China’s Sinograin sold 308,000 of the 360,000 MT offered in their auction if imported soybeans overnight.

Sep 26 Soybeans  closed at $12.22 1/4, up 21 1/2 cents,

Nearby Cash  was $11.98 1/1, up 21 cents,

Nov 26 Soybeans  closed at $12.37 1/4, up 20 1/2 cents,

Jan 27 Soybeans  closed at $12.51 1/4, up 19 3/4 cents,

New Crop Cash  was $11.80 1/1, up 20 3/4 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. For more information please view the Barchart Disclosure Policy here.