Soybeans Rallying Double Digits into the Weekend
Soybeans are posting double digit gains across the front months on Friday, with gains of 10 to 14 cents. Soymeal is up $5.60 to $6 in the nearbys at midday. Soy Oil is 6 to 7 points higher so far.
A private export sale ofo121,500 MT of soybeans was reported by the USDA to unknown destinations this morning. The sale was spilt with 13,500 MT for 23/24 delivery and 108,000 MT shipped during 24/25.
The BAGE estimates 14% of the Argentine soybean crop is harvested, up from 11% the previous week. The Argentine government release an initial crop estimate of 49.7 MMT on Thursday.
May 24 Soybeans are at $11.47 3/4, up 13 1/2 cents,
Nearby Cash is at $10.94 1/1, up 13 1/2 cents,
Jul 24 Soybeans are at $11.62 1/2, up 13 1/2 cents,
Nov 24 Soybeans are at $11.59 3/4, up 10 1/2 cents,
New Crop Cash is at $10.97 1/2, up 11 3/4 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.
