Soybean futures are showing resilience this Thursday morning, trading steady to 2 cents higher after a slight decline of up to 3 cents on Wednesday. Open interest increased by 7,472 contracts, predominantly in July, signaling heightened market activity. The cmdtyView national average Cash Bean price rose by 4 ¼ cents to $10.99 1/2, while soymeal futures gained between $1.50 and $2.40. In contrast, soy oil futures faced declines of 100 to 177 points.
The recent monthly soybean crush data revealed a record daily crush of 7.65 million bushels in February, contributing to a year-over-year increase of 8.28% in the marketing year. This uptick in crush rates, despite a month-over-month decline, aligns with USDA’s forecast of a 130 million bushel increase for the year.
Market professionals should monitor Thursday’s USDA Export Sales update, which is projected to show significant sales for both old and new crop soybeans, potentially influencing short-term price movements in the sector.
Source: nasdaq.com