So far for the Wednesday session, beans are down 8 cents, meal is $1.80 in the red, and soybean oil is trading with 48 points lower. Soybean oil dropped triple digits on Tuesday, and weighed on the other soy markets through the afternoon. Beans had recovered as much as 16 cents at the day’s turnaround Tuesday high, but fell back to end the day fractionally lower to 1 3/4 cents in the red. Meal prices also backed off and went home mixed within $3 of UNCH.
Canadian Canola Prices were $10 CAD/MT lower on Tuesday. That had the March contract at the lowest print since Sept 8th.
News out of China is sparse, with the country involved in the Lunar New Year holiday week and many people able to visit relatives for the holiday for the first time in 3 years.
Brazil has now harvested about 2% of the expected record soybean crop, with Mato Grosso around 6%. Forecasts for Brazilian production are coming to consensus around 152-153 MMT. Scattered rains are in the forecast parts of Argentina and Brazil over the next couple weeks. Oil World provided the bulls with some ammo, projecting the Argentine bean crop would be only 34 MMT, well below USDA’s 45.5 MMT and the latest Cordonnier figure of 39 MMT.
Mar 23 Soybeans closed at $14.88 1/2, down 1 3/4 cents, currently down 8 cents
Nearby Cash was $14.52 3/4, down 2 1/4 cents,
May 23 Soybeans closed at $14.86 1/2, down 3/4 cent, currently down 8 1/4 cents
Jul 23 Soybeans closed at $14.79 3/4, down 1/4 cent, currently down 8 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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