Soybeans initially started the midweek session with weakness, but rallied back to close fractionally mixed. Jan futures remained in a 15-cent range on the day. Soy flour futures were near their lows for the close with $2.10 to $6/ton losses. Soybean Oil prices were also weaker with 15 to 66 point losses. CME Synthetic Soy Crushing dropped 5 ¼ cents on Wednesday.
Traders are looking for the weekly Export Sales report to show between 850k MT of soybeans and 1.5 MMT of soybeans were sold for 22/23 delivery. New crop advance sales are estimated below 50k MT. Food orders are expected between 150k and 350k MT. Analysts expect soybean oil sales for the week to be below 10k MT.
Estimates ahead of StatsCan’s crop report show traders are looking to see a canola harvest of 18.3 MMT, compared to 17.4 last year and the USDA’s official 17.8 MMT figure. The full range of estimates collected by Reuters runs 17.2 to 19.7 MMT.
The EIA’s Monthly Energy Review on Tuesday showed that combined renewable diesel and biodiesel production hit a record 411 million gallons in August. That was up 6.5% from July and up 45% from a year ago. Production reached 85% of estimated capacity in August against 80% in July.
Jan 24 Soybeans closed at $13.47, up 1/2 cent,
Close Cash was $12.89 3/8, up 1 7/8 cents,
March 24 Soybeans closed at $13.65 1/2, up 3/4 cents,
24 May Soybeans closed at $13.78 3/4, up 1/2 cent,
As of 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 for informational purposes only. For more information, please see Barchart’s Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.