Soybean Jan '24 (ZSF24)

Soybeans are trading with 6 to 9 cent gains across most contracts on Tuesday. There were 114 delivery notices against March beans overnight. The cmdtyView national average Cash Bean price is up 8 1/2 cents at $11.30.  Soymeal futures are up $1.40 to $3.50, with Soy Oil futures up 34 points. 

The Tuesday update to the USDA WASDE report showed a 5 mbu increase to the US import category, which was offset by a 5 mbu increase to crush, now at 2.575 bbu. That left the net ending stocks unchanged at 350 mbu.

Brazilian soybean production was left alone this month at 180 MMT, though the Argentina total did see a 0.5 MMT drop to 48 MMT. The only other major world change was a 0.18 MMT increase to old crop carryover, as the 2025/26 stocks were trimmed by 0.2 MMT to 125.31 MMT.

Chinese soybean imports for January and February have totaled 12.55 MMT according to the country’s customs data, down 7.8% from last year.

Mar 26 Soybeans  are at $11.86 1/2, up 6 cents,

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