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Soybeans Slipping Back Lower on Wednesday Morning
Soybeans are starting out Wednesday trade with contracts down 3 to 4 cents across most contracts. The market rallied hard on Tuesday, following the bean oil gains. Contracts were up 19 to 22 cents at the close. Preliminary open interest was down 6,523 contracts on Tuesday suggesting some short covering. CmdtyView’s national front month Cash Bean price was down 21 3/4 cents at $9.79. Soymeal futures were mixed, with contracts up a dime to down 70 cents/ton. with Soy Oil futures were up 124 to 255 points to close out the day.
The bean oil strength was coming as a coalition of biofuel and oil industry reps met with the EPA on Tuesday. They were arguing for higher mandates for biodiesel blending, upwards of 5.5-5.75 billion gallons. The current mandated volume is 3.35 billion gallons.
The monthly Fat & Oils from Tuesday afternoon, showed 189.01 mbu of soybeans crushed during February. That was slightly ahead of analysts estimates, down 2.28% from last year’s 29-day Feb total and 11.07% below January. Bean oil stocks were tallied at 1.924 billion lbs.
StoneX trimmed their 2024/25 Brazilian soybean crop estimate by 0.8 MMT to 167.54 MMT. USDA is at 169 MMT. Brazil’s March soybean exports are estimated at 16.09 MMT according to ANEC, a 0.53 MMT increase from the previous week.
May 25 Soybeans closed at $10.34 1/4, up 19 1/2 cents, currently down 4 1/2 cents
Nearby Cash was $9.79, up 21 3/4 cents,
Jul 25 Soybeans closed at $10.49 1/4, up 21 cents, currently down 3 3/4 cents
Nov 25 Soybeans closed at $10.39 1/4, up 20 cents, currently down 3 1/4 cents
New Crop Cash was $9.78 3/4, up 22 3/4 cents,
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. For more information please view the Barchart Disclosure Policy here.