Midweek Gains for Soybean Futures through Midday

Front month soybean prices are working 2 1/4 to 6 cents higher so far through midday. Meal prices are trading with $0.80 to $2/ton gains. BO prices are down by as much as 65 points so far. 

S&P Global Commodity Insights sees 2023 soybean area reaching 88m acres. That would be a 0.6% increase from the old crop planting. 

USDA reported a 130k MT old crop soybean sale to unknown destinations this morning. Going into the weekly Export Sales report, traders expect between 600k MT and 1.2 MMT of old crop soybeans were sold during the week that ended 1/19. New crop soybean bookings are expected to be below 60k MT. For the products, analysts estimate between 150k MT and 400k MT of meal sales and <10k MT for soy oil. 

The EU reported 6.08 MMT of soybean imports for the season through 1/22. That is 19% behind the prior season’s pace. Rapeseed imports reached 4.26 MMT for the season, which is 41% ahead of last year's pace. 

Canadian Canola Prices were $10 CAD/MT lower on Tuesday. That had the March contract at the lowest print since Sept 8th. 

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  are at $14.95 1/2, up 7 cents,

Nearby Cash   is at $14.59 3/4, up 7 cents,

May 23 Soybeans  are at $14.91 3/4, up 5 1/4 cents,

Jul 23 Soybeans  are at $14.84 1/2, up 4 3/4 cents,