Sept Soybeans closed 5 ¾ cents higher ($9.19 ½), Nov 4 cents higher ($9.24 ¼) & March 2 ½ cents higher ($9.32)
Sept Soybean Meal closed $0.1 lower ($291.5), Dec $0.7 lower ($299.3) & March $0.7 lower ($301.7)
Sept Soybean Oil closed 26 pts higher ($32.24), Dec 25 pts higher ($32.53) & March 21 pts higher ($32.73)
USDA announces soybean export sales – 400 K T. China
Weekly Soybean Export Sales – old crop vs. 0-200 K T. expected – new crop vs. 1.200-2.200 M T. expected
Weekly Soybean Meal Export Sales – old crop vs. 50-200 K T. expected – new crop vs. 75-300 K T. expected
Weekly Soybean Oil Export Sales – old crop vs. 5-20 K T. expected – new crop vs. 0-15 K T. expected
Wednesday brought us a relatively quiet soybean trade but quietly firmer. It was announced that China bought another 408 K T. of US soybeans. One of the prominent news wires ran a story (from unnamed sources) suggesting China would buy up to 40 M T. of US soybeans in the upcoming marketing year. This coupled with the current heat and dryness worked to keep the soybean market modestly firm. Most weather forecasters are suggesting a break in the heat and dryness beginning this weekend and into next week. So now we get to ask ourselves will the forecasted moisture be too little too late or crop saving/making. On the day soybean meal continues to be the product laggard while soybean oil continues to grind higher. If we could ever get the soybean meal off of its can soybeans could become a high flying affair.
Daily Support & Resistance – 8/27
Nov Soybeans: $9.14 – $9.30 (?)
Dec Soybean Meal: $296.0 – $305.0
Dec Soybean Oil: $32.00 – $33.25
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