Soybeans are trading steady to 2 cents higher on Thursday morning. Futures saw contracts facing some weakness on Wednesday, down fractionally to 3 cents at the close. Open interest was up 7,472 contracts on Wednesday, mostly in July. The cmdtyView national average Cash Bean price was up 4 ¼ cents at $10.99 1/2. Soymeal futures were up $1.50 to $2.40, with Soy Oil futures 100 to 177 points lower. Crude Oil shot $9.50 higher in overnight trade, following President Trump’s address the nation on Wednesday that indicated 2-3 weeks more of strikes and an uncertain fate to the Strait of Hormuz. Thursday will be the last trade day for the week as the markets are off for Good Friday.
Monthly soybean crush data via the Fats & Oils report from NASS was released on Wednesday afternoon, showing 214.2 million bushels of soybeans crushed during February. That was up 12.99% vs. last year but down 6.04% from January. Daily crush was still an all time record of 7.65 million bushels. Marketing year crush for the first half is now at 1.334 billion bushels, up 8.28% (102 mbu) yr/yr. USDA is calling for a 130 mbu increase vs. last year.
