Soybeans are mixed on Friday, within a penny of unchanged on Friday. The cmdtyView national average Cash Bean price is up 1 cent at $10.99. Soymeal futures are $1.50 to 1.70 on the day, with Soy Oil futures down 120 to 130 points. The latter is pressured with crude oil falling $11.27 on the day following Iran agreeing to open the Strait of Hormuz this morning.
Weekly Export Sales data was released on Thursday now shows soybean export commitments at 38.15 MMT, down 18% from a year ago. That is now 91% of the USDA forecast and behind the 96% average sales pace. Exports are 31.33 MMT, which is 75% of USDA’s number and lags the 85% pace, but has picked up.
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Brazilian soybean production was left at 177.85 MMT in the latest Abiove estimate, unchanged from the previous number. Crush was raised by 0.7 MMT, with exports rising 2.1 MMT from the prior estimate to 113.6 MMT.
May 26 Soybeans closed at $11.64 3/4, up 1 cent,
Nearby Cash was $10.99 1/1, up 1 cents,
Jul 26 Soybeans closed at $11.80 1/2, unch,
Nov 26 Soybeans closed at $11.55 1/2, down 1/2 cent,
New Crop Cash was $10.93 1/4, down 3/4 cent,
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.
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