Soybeans are showing some midday gains as meal pushes higher, with bean futures up 4 to 5 cents. The cmdtyView national average Cash Bean price is up 4 cents at $9.71 1/4. Soymeal futures are up another $2.80 to $6.60, with Soy Oil futures down 24 to 26 points on the day.
Export Sales estimates are looking for between net reductions of 300,000 MT to sales of 300,000 MT for old crop bean business in the week ending on August 14. New crop sales are expected to land between 0.4 and 1 MMT. Soybean meal sales are estimated at net reduction of 50,000 MT to sales of 450,000 MT, with bean oil seen between net cancellations of 10,000 and 15,000 MT in sales.
The second day of the ProFarmer Crop Tour finished off data in Nebraska, with soybean pod counts averaging 1,348.31, which was 15% above last year and 19.1% larger than the 3-year average. Pod counts in Indiana were down 2.31% from a year ago at 1,376.59, which was also 6.3% above the 3-year average.
Sep 25 Soybeans are at $10.17 1/4, up 4 1/4 cents,
Nearby Cash is at $9.71 1/4, up 4 cents,
Nov 25 Soybeans are at $10.38 1/2, up 4 3/4 cents,
Jan 26 Soybeans are at $10.58, up 4 3/4 cents,
New Crop Cash is at $9.62 1/2, up 4 1/4 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. This article was originally published on Barchart.com
