Soybean futures closed out the Wednesday session with contracts up 1 to 3 cents across most of the nearby CBoT contracts. September Soymeal futures were down 20 cents to $2.80/ton across most contracts with August up $2.10. Soy Oil futures were propped up by crude oil strength, as contracts were up 41 to 55 points.
USDA will release their weekly Export Sales report on Thursday morning, with most expecting to see old crop soybean sales at 75,000 to 300,000 MT and new crop in a range of 300,000 to 900,000 MT. Meal sales are seen at 150,000 to 700,000 MT in a total of this and next marketing year. Bean oil sales are estimated to total 0 to 20,000 MT.
June crush data will be updated on Thursday, with most expecting to see a drop from May, but an improvement from last year. Soybean oil used for biodiesel production in May totaled 1.076 billion lbs according to EIA data. That was the largest total since December but down 5.69% from last year.
Aug 24 Soybeans closed at $10.28 1/2, up 1 1/4 cents,
Nearby Cash was $10.13 1/2, up 13 3/4 cents,
Nov 24 Soybeans closed at $10.22 1/2, up 1 1/4 cents,
Jan 25 Soybeans closed at $10.39 1/2, up 1 1/2 cents,
New Crop Cash was $9.69 1/8, down 2 1/2 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.