Soymeal continues to back off through Tuesday’s midday, but soybean oil prices are up by 2.5% to 2.8% so far. That has beans trading with 1 to 4 3/4 cent gains through midday.
Monthly Census data showed the official Dec soybean export was 8.295 MMT, or 304.8 mbu. That was a 2.3% increase from Dec ’21 and set the MY total at 1.097 bbu through the first 4 months. For the products, the data had 1.196 MMT of meal exports and 15.7k MT of soy oil exports.
Canadian soybean stocks were 3.654 MMT in the StatsCan December count. That compares to 3.205 MMT during last year’s drought. Canola supplies were 11.356 MMT, up from 8.786 MMT last year.
Brazil’s AgRural reported the soy harvest at 9% finished compared with 16% last year and 5% last week.
Analyst estimates ahead of the WASDE report are looking for USDA to cut 3.5 MMT off the Argentina soy crop – taking it to 42 MMT according to the average. The lowest estimate is to see 38 MMT on Wednesday, nearer to the 36 MMT the Attache had. For Brazilian soybeans, traders are looking for USDA to raise production by 200k MT on average.
Mar 23 Soybeans are at $15.22, up 3/4 cent,
Nearby Cash is at $14.80 1/8, up 1/2 cent,
May 23 Soybeans are at $15.15 1/2, up 1 cent,
Jul 23 Soybeans are at $15.07 1/2, up 1/2 cent,
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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