On Thursday morning, soybeans are trading 3 to 4 cents higher, following a previous day where futures rose steady to 3.75 cents. The cmdtyView national average cash bean price increased by 4 cents to $10.93 1/4, while open interest fell by 18,217 contracts for May amid the Goldman roll, with July contracts rising by 19,402. Soymeal futures gained between $2.30 and $5.20, whereas soy oil futures dropped by 150 to 230 points. Crude oil, affected by a recent ceasefire between Iran and the US, fell by $16.45, but rebounded by $4.55 due to limited traffic.
The USDA’s monthly WASDE report is set to be released on Thursday, with analysts forecasting minimal changes to the US soybean carryout, projected at 349 million bushels, a slight decrease from 350 million in March. Expectations for world soybean stocks are estimated to rise by 0.2 million metric tons to 125.5 million metric tons. Additionally, export sales data is anticipated, with predictions for old crop bean sales between 200,000 to 600,000 metric tons.
