Soybeans are posting 2 to 5 cent higher trade so far on Thursday. They reverted from the higher midday action to close Wednesday with losses of ½ to 4 ½ cents across the board. Product values were mixed on the day. Soymeal futures were down $2.50 to $5.10/ton at midday, with Soy Oil futures back up 66 to 83 points across the front months.
Stats Canada is expected to show 2024 Canadian canola plantings of about 21.5 million acres this morning, which would be up 100 thousand or so from earlier intentions.
Soybean export sales in the week that ended on June 20 are estimated between 300,000 and 600,000 MT for the 2023/24. New crop bookings are seen at 0 to 200,000 MT. Soy meal sales are expected to range from 150,000 to 300,000 MT, with bean oil between 0 and 26,000 MT.
Soybean acreage estimates ahead of Friday’s survey driven Acreage report are for 86.753 million acres. That would be 243,000 acres above the March Intentions number. The range of estimates in the various surveys runs about 1 million acres in either direction at 85.5 to 87.5 million acres. Any flooding related area losses will be deducted later on from harvested acres, and not in this report.
Quarterly Grain Stocks data is expected to show 962 mbu of soybeans on hand at the end of the third quarter (June 1). That would be up 166 mu from last year’s 796 mbu, with trade ideas anywhere from 861 mbu on the low end to 1.015 bbu for those more bearish.
Jul 24 Soybeans closed at $11.62 3/4, down 1/2 cent, currently up 3 cents
Nearby Cash was $11.07 1/4, down 2 1/2 cents,
Aug 24 Soybeans closed at $11.42 1/4, down 3 1/4 cents, currently up 5 cents
Nov 24 Soybeans closed at $11.07, down 4 1/2 cents, currently up 2 ¾ cents
New Crop Cash was $10.54 3/4, down 3 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.
