Beans Close Higher

Soybeans ended the midweek session with gains of 2 to 4 1/2 cents. New crop soybeans closed fractionally mixed. Soybean meal futures closed firm on Wednesday, from 80 cents lower to a dime/ton higher. BO futures were 57 to 61 points in the black at the close. USDA reported a 126,500 MT sale of old crop beans to unknown this morning. Private exporters also sold 132,000 MT of new crop soybeans to China. Estimates ahead of the weekly Export Sales report show analysts expecting between 0.8 and 1.4 MMT of bean bookings. New crop sales are estimated between 250k and 550k MT. Soymeal sales are estimated to be between 150,000 MT and 400,000 MT. Pre report estimates show analysts expect USDA to have between 10,000 MT and 30,000 MT of BO bookings. Wire sources note the CNTTL union urged the 800k Brazilian truck driver members to strike next week to protest the minimum freight price there, which they regard as too low to make a living.

Mar 21 Soybeans closed at $13.74 3/4, up 4 1/2 cents,
May 21 Soybeans closed at $13.73 1/4, up 3 3/4 cents,
Jul 21 Soybeans closed at $13.54 1/2, up 2 cents,
Aug 21 Soybeans closed at $13.04 1/2, up 2 1/4 cents,
Mar 21 Soybean Meal closed at $436.60, up $0.10
Mar 21 Soybean Oil closed at $44.52, up $0.61

--- provided by Brugler Marketing & Management




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