Mixed Friday Beans so far

Overnight action in the soybean market has prices mixed with old crop weakness and new crop strength. March is near the overnight low following an overnight range of 9 cents. The soymeal market led the way on Thursday. Meal prices were 1.6% to 2.5% higher at the close with March up by $11.60/ton. Soy oil prices closed up by 22 to 25 points. Soybean futures saw a 21 cent gain for March as the front months closed up by 0.5% to 1.4%. The new crop beans were left behind widening the Nov discount to $1.71 compared to March. 

The Argentine soy crop was rated 4% points higher on Buenos Aires Grains Exchange’s good/excellent rating this week, to 7%. The portion of the crop rated poor was at 54%, improved from 60% last week. 

The weekly FAS export sales report showed 1.146 MMT of old crop beans were sold during the week that ended 1/19. That was the high end of estimates, and was 16% above last week and 11% higher yr/yr. China was the week’s top buyer, with 940k MT booked including 386k MT switched from unknown. China has 28.24 MMT of 2022/23 soybean commitments, or 61% of the total. The season’s commitments were sitting at 86% of the WASDE forecast – compared to 79% last year. 

USDA reported export sales were 303,934 MT for the week of 1/19. Soybean oil export sales were 2,231 MT – which was a 5-week high but still 89% below the same week last year. 

Mar 23 Soybeans  closed at $15.23 1/2, up 21 cents, currently down 4 3/4 cents

Nearby Cash Soybeans   were $14.86 1/8, up 20 3/8 cents,

May 23 Soybeans  closed at $15.14 3/4, up 18 1/4 cents, currently down 4 1/4 cents

Jul 23 Soybeans  closed at $15.04 1/2, up 16 1/4 cents, currently down 4 cents