Following the strength to start the week, nearby soybeans are trading 1 1/4 to 7 cents higher. March contracts are working near their highs for the day, but were looking for a turnaround Tuesday earlier in the session. New crop prices are still in the red so far. Meal futures are down by $2-$4ton at midday. Soy oil is working with 48 to 61 point gains.
South Korea booked 19k MT of non-GMO soybeans via an international tender. Egypt’s GASC is on the market for vegetable oils. Egyptian soybean imports are forecasted to reach 4 MMT for the 2023 calendar.
Malaysian export data from Intertek showed palm oil exports were 251,350 MT for January. AmSpec had the number at 1.457 MMT for all palm shipments a 27% drop month/month.
Estimates ahead of the monthly USDA Fats and Oils report show traders expect between 187 mbu and 188.6 mbu of soybeans were processed in December. The average of estimates is to see 188 mbu reported Wednesday, which would be down from November’s 189.4 mbu crush and Dec ‘21’s all time record of 198.2 million. Trade ideas for soy oil stocks are running about 2.25 billion pounds.
Brazil’s Ag Rural confirmed the bean harvest is near 5% finished.
Mar 23 Soybeans is at $15.41 3/4, up 6 3/4 cents,
May 23 Soybeans is at $15.33, up 3 1/2 cents,
Jul 23 Soybeans is at $15.21 1/4, up 2 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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