Soy Firms Higher on Wednesday

Prepared tofu and soybeans on table

Front month soybeans were up by 6 ½ to 8 ¼ cents on Wednesday, with a midweek recovery in meal and follow through strength in the oil. Soymeal prices closed $1.50 to $1.70 in the black on the day. Nearby Soy Oil futures ended with 22 to 25 point gains. 

StoneX lowered their estimate for Brazilian soybean production via lower yields in MGDS, Sao Paulo, and Parana. The new output estimate is set at 150.8 MMT. 

Hearwell Renewables announced a Nebraskan based renewable diesel plant ‘s construction completion has been delayed until 2026. The 80m gallon/yr plant was projected to be completed this summer. 

US soybean crush for February was slightly disappointing at 194 million bushels when USDA released the official Fats & Oils totals on Monday afternoon. Perhaps overlooked, the smaller crush results in bean oil stocks being 9% lower at the end of February vs. Feb 2023. 

May 24 Soybeans  closed at $11.82 1/4, up 8 1/4 cents,

Nearby Cash   was $11.28 1/1, up 8 3/4 cents,

Jul 24 Soybeans  closed at $11.95 1/4, up 7 1/2 cents,

Nov 24 Soybeans  closed at $11.84 3/4, up 7 3/4 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.