Fading initial gains, the soybean futures are currently sitting 1 1/4 to 6 cents in the black. March beans were being bought from 10:20 (central), but have faded back near breakeven for the midday prints. Meal prices are sitting $1.10 to $1.40 in the red so far and are near their lows for the day. Soybean oil prices are up by 67 to 70 points for midday.
USDA’s weekly Export Sales report showed 512,802 MT of old crop soybeans were sold, which was within the range of estimates. Last week saw 374k MT sold but the same week last year had 1.317 MMT booked. The week’s top buyers were China (including 252k MT switched from unknown) and Mexico (including 47.5k MT switched from unknown). The weekly report also had 260k MT of new crop sales, mostly for China. Old crop commitments were 1.767 bbu, matching last year and 89% of the WASDE forecast. New crop commitments were at 42.7 mbu, compared to 165 mbu at the same point last year.
For the products, FAS data had 295,853 MT of meal sales, with 271k for 22/23 and 25k for 23/24 delivery, and 8.3k MT of soy oil sales. Pre-report estimates were topped out at 300k MT for meal and 10k MT for oil for 22/23.
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.
Mar 23 Soybeans are at $15.27 3/4, up 2 cents,
Nearby Cash is at $14.83 7/8, up 1 5/8 cents,
May 23 Soybeans are at $15.21 1/2, up 2 cents,
Jul 23 Soybeans are at $15.13, up 2 1/2 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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