Midday Beans Up 10 Cents


The new crop soybean futures are trading 8 to 10 cents higher at midday. Old crop soybean futures are 8 to 9 ¾ cents higher so far. Soymeal prices are $2.40 to $2.80 stronger so far, but are still down $6.60 for the week. Soy Oil futures are trading 14 points higher across the front months. India has been importing  more sunflowers and soy oil this year because of higher palm oil prices. 

StoneX lowered their estimate for Brazilian soybean production via lower yields in MGDS, Sao Paulo, and Parana. The new output estimate is set at 150.8 MMT. 

Hearwell Renewables announced a Nebraskan based renewable diesel plant ‘s construction completion has been delayed until 2026. The 80m gallon/yr plant was projected to be completed this summer. 

US soybean crush for February was slightly disappointing at 194 million bushels when USDA released the official Fats & Oils totals on Monday afternoon. Perhaps overlooked, the smaller crush results in bean oil stocks being 9% lower at the end of February vs. Feb 2023. 

May 24 Soybeans  are at $11.74, down 11 3/4 cents, currently up 6 cents

Nearby Cash   is at $11.19 1/4, down 11 1/2 cents,

Jul 24 Soybeans  are at $11.87 3/4, down 11 3/4 cents, currently up 5 1/4 cents

Nov 24 Soybeans  are at $11.77, down 5 1/2 cents, currently up 3 1/2 cents

On 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 solely for informational purposes. For more information please view the Barchart Disclosure Policy here.