SOYBEANS– Soybeans closed the week higher, making a high at 1178 ¼ in the May contract. Soybean meal rallied hard today, after a morning flash sale for 100k mt to Italy. Soybean meal is showing technical strength and should help support beans next week. Soybean meal has resistance at the March high, 335 ½. Soybean oil is sitting at trendline …
A Bearish WASDE and Forecasted Rains Drag Wheat Lower
SOYBEANS– Soybeans were able to finish the day positive, despite crude falling 7 dollars intraday. Today’s WASDE report was very quiet, as expected. No changes were made to the domestic balance sheet. World production was raised slightly but was offset by a higher crush number. Ending stocks were lowered from 125.31 mmt last month to 124.79 mmt. The May report …
Wheat Moves Lower Ahead of Tomorrow’s WASDE Report
SOYBEANS– Soybeans were up 1 cent in the overnight session and continued higher during today’s session. Tomorrow’s report is expected to be one of the quieter reports of the year. The USDA may decide to raise their crush estimate and lower exports on tomorrow’s report. The average estimate for ending stocks on tomorrow’s report is 349 mb, compared to 350 …
Soybeans & Corn Trade Lower Ahead of President Trump’s Strait Reopening Deadline
SOYBEANS– Soybeans finished the day lower, with May leading November lower. Crude oil reversed lower which dragged soybeans down with it. The soybean chart looks to be forming a bear flag pattern. Ultimately, Iran’s response to President Trump’s deadline to open the Strait of Hormuz by 7 p.m. tonight may be the deciding factor in whether soybeans move higher or …
A Quiet Start to the Week for the Grains
SOYBEANS– Soybeans finished the day higher after trading 5 ¼ cents higher in the overnight session. For the week ending April 2, export inspections were 779k mt, an 84k mt increase from the week prior. Brazil’s harvest is estimated at 79% complete, compared to the 5-year average pace of 83%. May beans have a gap in the chart from 1193 …
WRT World Agricultural Supply and Demand April 5
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Corn & Soybeans Fail to Rally With Crude on Thursday
SOYBEANS– May beans were up 3 ½ cents in the overnight session but closed today’s session lower. After selling off with crude yesterday, soybeans failed to rally with crude today. There is likely some risk being taken off ahead of Good Friday. Crush is continuing at a strong pace, with a new crush record for February at 214 mb. Crush …
Lower Crude Oil Pressures the Grains on Wednesday
SOYBEANS– Soybeans were 5 cents lower in the overnight session and were lower again today. May beans made a low at 1153 but reversed higher as the day went on. The potential for a ceasefire between the US and Iran sent crude lower today and dragged beans down with it. Acreage was estimated yesterday below the average trade guess at …
Soybeans Close Higher After the USDA Estimates Acreage Below the Trade Estimate
SOYBEANS– The Grain Stocks and acreage reports were released this morning. The USDA estimated planted area at 84.7 ma, which is a 4% increase from last year. The average trade estimate pre-report was 85.52 ma. The USDA estimated soybeans in all positions at 2.10 bb, up 10%. The pre-report estimate for quarterly stocks was 2,077 mb. Off-farm stocks and on …
Corn Trades Lower Ahead of the Acreage & Quarterly Stocks Reports Tomorrow
SOYBEANS– It was a quiet day for beans ahead of the big report day tomorrow. Analysts are expecting soybean acreage to increase by at 4 million acres. Soybean stocks are also anticipated to rise. I would be very surprised to see soybeans close higher tomorrow. Fundamentals have been ignored recently, with crude rallying and the China meeting ahead. However, I …