Meal Missed Out on Midweek Rally

Soybean futures turned around in the afternoon and closed near their session highs. November printed a 19 3/4 cent range on Wednesday. Soybean oil prices were 81 to 98 points in the black at the close. Soymeal futures missed out with $2 to $3.40/ton losses on the day. 

After seeing the lowest prices since October 2021, Canadian Canola Prices closed with gains for the 3rd consecutive session, ending up by $6.50 CAD/MT. 

Analysts are expecting between 100k and 400k MT of old crop soybean sales ahead of the weekly FAS Export Sales report. New crop sales are expected to be below 100k MT. For the products, analysts expect 75k to 300k MT old crop meal bookings and 0-20k MT of old crop oil sales.

May 23 Soybeans  closed at $14.48, up 8 1/2 cents,

Nearby Cash was $14.01 1/2, up 7 cents,

Jul 23 Soybeans  closed at $14.17 1/2, up 6 3/4 cents,

Nov 23 Soybeans  closed at $12.72 1/4, up 5 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.