Soybean Crush Demand Still Strong


Grains are mixed. SN is near 12.43 after testing 12.54. SMN is near 384.9. BON is near 45.28. CN is up 3 cents and near 4.67 after testing 4.71. WN is up 8 cents and near 7.05 after testing 7.20. KWN is up 13 cents and near 7.34 after testing 7.46. MWN is up 9 cents and near 7.61. US stocks are higher. US Dollar is lower. Crude is higher and near $79. Gold is higher on talk of US Fed rate cut.


SN is near 12.43. US soybean crush demand remain strong, SN board crush hit 100 cents. Rumors of China interest in US summer soybean also offered support. Dalian soybean and soymeal futures were lower. Palmoil and soyoil futures were higher, SN resistance is near 12.50 and 38 pct retracement of drop from 14.21 to 11.40. Some could see final US 2024 soybean acres closer to 87.5 mil acres vs USDA 86.5 and initial US soybean crop ratings above average. Key remains summer US weather.


raw soybeans


CN is near 4.66. CN trend is higher but still in a 4.50-4.75 range. 4.81 key resistance. Fact corn is cheaper than wheat could help corn demand. Some could see US exports near 2,400 which adds additional pressure on getting a 180 yield. Plantings should be 86 pct and initial US corn crop ratings above average. Brazil safrina crop weather is dry.


WN is near 7.05. KWN is near 7.34 and highest close since Sep, 2023. 7.50 is next resistance. Some estimate Russia crop at 81-82 mmt vs USDA 88. Some fear more dry and warm weather could drop the crop to 76-78 mmt. Talk last week that South Brazil rains have lowered wheat quality and Brazil may have bought 3-5 cargoes of US HRW wheat offers support. Approaching US winter wheat harvest offers resistance. US consumer is not covered for 2025 and farmer needs to sell at current prices. US HRW could see showers which are not welcomed.



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