Soybeans are trading with 17 to 21 cents lower on Wednesday with outside pressure from crude playing a factor. There were 24 deliveries issued against May beans overnight. The cmdtyView national average Cash Bean price is down 19 1/2 cents at $11.24 3/4. Soymeal futures are down $1.90 to $2.70 so far on the session, with Soy Oil futures down 161 to 170 points at midday.
Crude oil is down $6.71 at midday following the US and Iran closing in on reaching a memorandum of understanding that would, among other things, allow for the safe passage through the Strait of Hormuz as well as a path to ending to conflict.
Argus estimates the 2026/27 Brazilian soybean acreage total to grow just marginally from the year prior, citing higher production costs and El Nino risks.
Stats Canada data showed canola stocks at the end of March at 9.985 MMT, a 27.4% increase from the same time last year. Bean stocks were down 45.7% from last year at 1.497 MMT.
May 26 Soybeans are at $11.75, down 20 3/4 cents,
Nearby Cash is at $11.24 3/4, down 19 1/2 cents,
Jul 26 Soybeans are at $11.92, down 19 1/2 cents,
Nov 26 Soybeans are at $11.72 3/4, down 16 3/4 cents,
New Crop Cash is at $11.11 3/4, down 17 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. For more information please view the Barchart Disclosure Policy here.
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