Soybean futures closed the Monday session on a stronger note, with contracts up ¼ to 6 ½ cents. The new crop months were the strongest, with Nov up 6 cents. Meal futures were $3.30 to 6.30 higher across the board, with March up $4.60. Soybean oil futures were the weak spot of the complex, with contracts down 33 to 47 points.
Weekly soybean exports were again an excellent 1.555 MMT according to the weekly inspections data. That was down from 1.915 MMT last week but was still larger than the 1.233 MMT shipped during the same week last year. China was the destination of 998,660 MT of the total. USDA also added 85k MT to past reports, bringing the season’s total to 39.540 MMT. That is 1.6% ahead of last year's pace.
Brazil’s soybean harvest was 17% finished according AgRural, trailing last year’s 24% pace.
Mar 23 Soybeans closed at $15.42 3/4, up 1/4 cent,
Nearby Cash was $15.00 3/8, up 3 cents,
May 23 Soybeans closed at $15.36, up 2 1/2 cents,
Jul 23 Soybeans closed at $15.25 1/2, up 3 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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