Forest Agri Services LTD. -

Soy Complex Strengthens on Wednesday

Alan Brugler - Barchart - Wed Feb 24, 10:56PM UTC

Midweek soy futures closed in the black and strong soy oil prices increased the CBT synthetic crush to 81 1/2 cents. At the close soybean futures were 17 1/4 to 17 3/4 cents higher for old crop. New crop soybeans closed 14 1/2 to 16 1/4 cents higher. The old to new crop spread widened to $1.85 1/2 /bu (Nov to March). Soy meal futures closed $1.10 to $1.80 higher. Soy oil led the complex with 160 to 188 point gains. The February average price for November futures is $11.82 per bushel with 2 calculation days remaining. Trade expectations ahead of USDA’s Export Sales report are for 200,000 to 800,000 MT of old crop bean sales. New crop soybean bookings are expected to be below 500k MT. For soymeal trade expectations are for 75,000 to 450,000 MT booked on the week ending 2/18. Soy oil bookings are estimated to be shown between 5,000 and 30,000 MT.

Mar 21 Soybeans closed at $14.23 3/4, up 17 3/4 cents,

May 21 Soybeans closed at $14.25 3/4, up 17 1/4 cents,

Jul 21 Soybeans closed at $14.12, up 17 1/2 cents,

Aug 21 Soybeans closed at $13.70 1/2, up 17 3/4 cents,

Mar 21 Soybean Meal closed at $428.30, up $1.80

Mar 21 Soybean Oil closed at $51.14, up $1.88

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