Weaker Bean Prices Through Friday

Midday soy quotes are red so far for Friday. Beans are fractionally lower in new crop to a dime in the red for March. Meal quotes are down by $2 to $2.70/ton in the front months. Soybean oil futures are trading with midday losses of 12 to 30 points. USDA cited the B100 cash price at $5.50/gal in MN for the week, a 20c discount to last week. 

Brazil’s Deral expects the Southern state of Paran will yield 20.7 MMT of soybeans via their most recent forecast. That is down by 3% citing the season’s dryness in the South. 

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 soybeans for the 22/23 MY book, or 61% of the total. The season’s commitments were sitting at 86% of the WASDE forecast – compared to 79% last year (which had commitments at 75% of the final for the week of Jan 20th).

South Korea’s NOFI reportedly booked 40k MT of rapeseed meal via tender. 

Mar 23 Soybeans  are at $15.15 1/4, down 8 1/4 cents,

Nearby Cash   is at $14.78 3/4, down 8 3/8 cents,

May 23 Soybeans  are at $15.09, down 5 3/4 cents,

Jul 23 Soybeans  are at $14.99, down 5 1/2 cents,