AgWest Commodities -

Soybeans Firm in Old Crop Contracts, New Crop Lags

Alan Brugler - Barchart - Thu Apr 29, 12:29PM UTC

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Soybean trading overnight has left the board 1 cent lower to 8 higher ahead of the Export Sales report. On Wednesday, soybeans were trading with double digit gains at midday, but all except nearby May closed in the red. May beans held on to an 8 cent gain for the day, but had dropped by 26 cents after 1 PM Central. New crop soybeans closed 14 1/2 cents lower. Soymeal futures also gave back midday gains and closed the session $4.20 to $5.90 lower in the front month contracts. BO futures ended the session mixed with a 250 point gain for May, and a 6 point giveback for August.

Analysts surveyed ahead of USDA’s weekly Export Sales report expect to see less than 200k MT of old crop beans sold during the week ending 4/22. The range of estimates is from net cancelations of 100k MT to net sales of 200k MT. New crop bookings are expected to be reported within 200,000 and 500,000 MT. For soymeal, traders surveyed anticipate USDA to show between 50,000 and 250,000 MT sold on the week ending 4/22. The trade estimates less than 50k MT of soy oil was sold during the week, with estimates ranging from net cancelations of 10k MT to net sales of 50k MT.

Malaysian palm oil futures are down more than 2% this morning. The US dollar index is the weakest since February.

May 21 Soybeans closed at $15.57 3/4, up 8 cents, and up another 8 1/4 this morning

Jul 21 Soybeans closed at $15.13 3/4, down 5 3/4 cents, and up 6 3/4 this morning

Nearby Cash was $15.25 on Wednesday, down 3 1/4 cents,

Nov 21 Soybeans closed at $13.28, down 14 1/2 cents, and down 1/4 cent this morning

New Crop Cash was $12.78 5/6 yesterday, down 14 3/8 cents,

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