Soybeans Fade overnight Gain

Soybeans are back near UNCH for the day session start. Overnight, March saw 9c gains but began slipping near 6am. Soybeans began the short week with gains across the soy complex. The products led the way with 0.8% to 1.2% gains in soy oil and 0.8% to 1% gains in meal. Soybean prices gained double digits in the March and May contracts, while new crop closed fractionally higher. 

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 December crush, with 177.5 mbu processed. Analysts were looking for 182.9 mbu on average, with the lowest at 174.4. NOPA member BO stocks were at 1.791b lbs, slightly above the trade average guess.  

Brazil’s Ag Rural reported the soy harvest there was 0.6% finished through 1/12. That is under the 1.2% harvest pace seen last season. 

Mar 23 Soybeans  closed at $15.39 3/4, up 12 cents, currently up 3/4 cent

Nearby Cash   was $15.05 on Tuesday, up 11 1/4 cents,

May 23 Soybeans  closed at $15.37 1/2, up 10 1/4 cents, currently down 3/4 cent

Jul 23 Soybeans  closed at $15.33 1/2, up 8 1/2 cents, currently down 1 1/2 cents