Soybeans

Soybean futures are currently 1/4 to 1 cent higher after they ended Turnaround Tuesday with sharp gains of 13 to 16 1/2 cents, as most nearby contracts settled within a penny off their highs. Preliminary open interest showed modest net new buying interest of 1,118 contracts. Meal futures were up $4.70/ton, with nearby soy oil 66 points higher. Protests by truckers, slowing shipping in Argentina, provided a little support. Analysts are projecting the USDA will add 1.5 MMT to Brazil’s soybean production to 111.5 MMT. That increase is expected to be offset by a 2.2 MMT reduction in Argentine production to 53.8 MMT. The USDA ag attach in Brazil estimates the crop at 112.5 MMT. With the adjustments to individual country’s production, world ending stocks are expected to be trimmed slightly to 98.3 MMT.




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