Soybeans Worked Both Sides of 8c Overnight Range

Overnight soy trading has the board mostly red but within 2 cents of Wednesday’s close. Overnight action saw an 8 cent range in March beans, as the contract worked both directions. Yesterday, the soybean oil market closed the midweek session up by another 84 to 91 points. That left the March contract near it’s high for the day on a 1.4% gain. Meal prices closed near their lows for the day on $7.50 to $9.90 losses. Soybean futures ended the midweek round with 0.5% to 0.8% losses of as much as 11 3/4 cents. March was down the most, which reduced the inverse, but there was still a negative 3 1/2 to 9 cent carry across the board at the close. November beans remain $1.50 under the spot board price. 

Weekly Export Sales estimates range 400k to 800k MT for old crop beans, and 0-300k MT for new crop. Analysts expect between 100k and 300k MT of soymeal was sold during the week that ended 2/09, with less than 10k MT of soy oil. 

NOPA members reported a 179.007 mbu crush for January. That was below the average trade guess going in, and was down 2% from January last year. Soy oil supplies were reported at 1.829b lbs, which was up from 1.79 billion in December. 

Brazil’s Agroconsult lowered their production estimate from 153.4 to 153 MMT to match the USDA official forecast. 

Mar 23 Soybeans  closed at $15.25 3/4, down 11 3/4 cents, currently down 1/4 cent

Nearby Cash   was $14.81 1/4, down 11 1/4 cents,

May 23 Soybeans  closed at $15.19 1/2, down 10 1/2 cents, currently down 1 1/4 cents

Jul 23 Soybeans  closed at $15.10 1/2, down 8 3/4 cents, currently down 1 cents