May Soybeans closed 9 ½ cents higher ($14.32 ¾), July 9 ¾ cents higher ($14.21) & Nov 4 ¾ cents higher (12.28 ¼)
May Soybean Meal closed $2.2 higher ($401.0), July $2.5 higher ($402.0) & Dec $0.1 lower ($371.4)
May Soybean Oil closed 46 pts higher ($57.48), July 58 pts higher ($54.40) & Dec 50 pts higher ($47.73)
Weekly Soybean Export Sales – old crop vs. 100-450 K T. expected – new crop vs. 0-200 K T. expected
Weekly Soybean Meal Export Sales – old crop vs. 100-300 K T. expected – new crop vs. none expected
Weekly Soybean Oil Export Sales – old crop vs. 5-30 K T. expected – new crop vs. none expected
Old crop soybeans see a two-sided trade finishing higher. New crop soybeans see a similar trade but to a lesser extent. The strength in old crop soybeans pretty much matched the strength in the products. It seems the trade is setting itself up for a bullish Quarterly Stocks report as well as a friendly soybean acreage report. It seems recent estimates are lowering soybean acreage in favor of corn acreage. The US soybean market needs a strong acreage report to avoid another year of tight stocks similar to this year. The soybean oil bulls won’t let go as we move forward the soybean availability is just going to get tighter. There is talk the soybean meal will begin to move higher once the soybean market gets so tight it will kill the crush and then meal will have to rally. Not much is expected in the soybean export sales report tomorrow. Then again a little is probably too much.
Daily Support & Resistance – 03/25
May Beans : $14.15 – $14.45
May Meal: $396.0 – $407.0
May Bean Oil: $56.40 – $58.25 (?)
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