Soybeans Trying to Push Higher

Bean futures are up fractionally to 3 1/4 cents across most 2023 contracts this morning. March beans saw a wide 19 1/4 cent range on Tuesday before closing with a 2 3/4 cent gain. The other front month soybean contracts were fractionally mixed to 4 cents weaker at the final bell. Tuesday meal futures settled $3.30 to $4.50/ton in the red. BO futures rallied on Tuesday and ended with 87 to 101 point gains – with March near the day’s high. 

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. 

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

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. 

Mar 23 Soybeans  closed at $15.38, up 2 3/4 cents, currently up 3 1/4 cents

Nearby Cash   was $14.97 7/8 on Tuesday, down 1/2 cent,

May 23 Soybeans  closed at $15.30 1/4, up 3/4 cent, currently up 2 3/4 cents

Jul 23 Soybeans  closed at $15.18 3/4, down 3/4 cent, currently up 2 1/2 cents