Soybeans Hesitant to Head Higher on Planting Delays
Soybeans are trading with fractional to 3 ¼ cent losses across the nearby contracts on Friday. Soymeal is down $2.30 in the nearby May contract. Soy Oil is showing some strength, up 15 points for May. May options expire across the complex today.
Planting will likely be put on hold for a few days with the rains expected for the Midwest this weekend. The trade doesn’t seem as concerned as we were already well ahead of average pace and saw a several day window for planting earlier this week.
Soybean conditions in Argentina were steady this week at 30% good according to the Buenos Aires Grain Exchange, as poor ratings were up 1% this week to 24%. The crop is 25% harvested.
May 24 Soybeans are at $11.59 1/2, down 3 1/4 cents,
Nearby Cash is at $11.08 1/1, down 3 cents,
Jul 24 Soybeans are at $11.77, down 2 3/4 cents,
Nov 24 Soybeans are at $11.75, down 1/2 cent,
New Crop Cash is at $11.11 1/1, down 1 cents,
On the date of publication, Alan Brugler 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.