Soybean futures were higher on Friday with fractional to 3 3/4 cent gains at the bell. The products weakened into the weekend with 30c/ton losses in meal and 40 point/lb losses in soy oil. For the week, March beans settled down by 15 1/4 cents but had seen their highest quotes since June on Monday. November was up by 7 1/2 cents wk/wk.Â
USDA cited the week’s cash average B100 quote as $5.79 in IL and $5.64 in MN.Â
South Korea’s NOFI is on the market for 60k MT of soymeal.Â
The ERS released their 10-yr projections for soybeans, suggesting that 23/24’s baseline acreage would be 87m with a 52 bpa yield. Stocks would grow some to 226 mbu, with a $13 cash price. By the end of the decade, crush is seen working higher to 2.5 bbu/yr, with exports maintained between 2 – 2.2 bbu/yr.Â
IGC numbers showed a 6.2 MMT smaller 22/23 world soybean crop for their Feb forecast. The cuts came mainly from the U.S., down by 1.9, and Argentina, down by 4.5 MMT to 37.5. Global carryout was shown at 49.2 MMT from their prior 53.8 MMT figure.Â
Â
Mar 23 Soybeans  closed at $15.27 1/4, up 3/4 cent,
Nearby Cash  was $14.83 7/8, up 3/4 cent,
May 23 Soybeans  closed at $15.22 1/4, up 1 cent,
Jul 23 Soybeans  closed at $15.14 1/2, up 1 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.
/Intel%20Corp_%20Santa%20Clara%20campus-by%20jejim%20via%20Shutterstock.jpg)
