Soybeans got some strength on Wednesday from spillover in soybean meal, as contracts were 7 to 8 ½ cents higher. The cmdtyView national average Cash Bean price was 9 1/4 cents higher at $10.08 3/4. Soymeal futures are $3.40 to $3.70 higher, with Soy Oil futures 10 to 13 points lower.
Meal garnered strength with Argentina’s weather forecasts on the drier side heading into some key parts of the growing season.
USDA will release Export Sales data for the week ending on 1/23 on Thursday morning, with analysts looking for between 0.4 to 1.8 MMT in old crop soybean sales, and 0 to 100,000 MT for new crop bookings. Soybean meals sales are seen between 225,000 and 500,000 MT, with soybean oil expected in a range of 0 to 26,000 MT.
Mar 26 Soybeans closed at $10.75, up 7 3/4 cents,
Nearby Cash was $10.08 3/4, up 9 1/4 cents,
May 26 Soybeans closed at $10.87 3/4, up 8 1/4 cents,
Jul 26 Soybeans closed at $11.01, up 8 1/2 cents,
