Beans are on the rally through Monday’s midday with gains of as much as 1.4%. Old crop futures are working 20 cents higher. Meal prices are leading the way with 1.9% to 2.4% gains so far. BO prices are also stronger, gaining 1% through midday.
Local Dalian Soybean Prices were weaker after the Lunar New Year break, fading 9 to 22 yuan/MT in the domestic market. The more import competitive Dalian No2 Soybean Prices were sharply higher after China’s week long break, as the front months saw 36 to 52 yuan/MT gains. Dalian bean prices remain inverted (backwardated) across both classes.
USDA reported 1.855 MMT of soybeans were exported during the week that ended 1/26. That was a 16.6k MT increase from last week and was up by 437k MT from the same week last year. China was the top destination with 76% of the total. The weekly update had the season’s accumulated export at 35.989 MMT through 1/26 – trailing last year by just 461,035 MT.
Brazil’s Patria Agronegocios reported the soy harvest as 5.15% complete, compared to last year’s 11.4% pace.
Mar 23 Soybeans are at $15.30 1/4, up 20 3/4 cents,
Nearby Cash is at $14.93 5/8, up 20 3/4 cents,
May 23 Soybeans are at $15.25, up 20 1/2 cents,
Jul 23 Soybeans are at $15.16, up 20 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.
/Intel%20Corp_%20logo%20on%20mobile%20phone-by%20Piotr%20Swat%20via%20Shutterstock.jpg)
/Nvidia%20logo%20by%20Konstantin%20Savusia%20via%20Shutterstock.jpg)
/Alphabet%20(Google)%20Image%20by%20Markus%20Mainka%20via%20Shutterstock.jpg)
/An%20image%20of%20a%20Tesla%20humanoid%20robot%20in%20front%20of%20the%20company%20logo%20Around%20the%20World%20Photos%20via%20Shutterstock.jpg)