After trading weaker overnight, the soy futures market is back up for the midday quotes. Beans are mixed with old crop gains of 2 1/4 to 3 1/4 cents and new crop weakness of as much as 2 cents. Soymeal prices are up by $1.60 to $1.80 so far. BO futures are trading 40 to 58 points higher through midday.
USDA announced a private export sale of 119k MT of soybeans to an unknown buyer this morning.
The weekly Inspections report showed 2.075 MMT of soybeans were shipped during the week that ended 1/12. That was up from last week’s 1.456 MMT export and was 207k MT above the same week last year. USDA had the season’s accumulated export at 32.17 MMT through 1/12, compared with last year’s 33.65 MMT pace.
NOPA members reported a 3-yr low for Dec crush, with 177.5 mbu processed. Analysts were looking for 182.9 mbu on average, with the lowest at 174.4. BO stocks were counted at 1.791b lbs, slightly above the trade average guess.
Brazil’s Ag Rural reported the soy harvest at 0.6% finished through 1/12. That is under the 1.2% harvest pace seen last season.
Mar 23 Soybeans are at $15.31, up 3 1/4 cents,
Nearby Cash is at $14.96 1/2, up 2 5/8 cents,
May 23 Soybeans are at $15.30 1/2, up 3 1/4 cents,
Jul 23 Soybeans are at $15.28 1/4, up 3 1/4 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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