Soybean oil prices are within 5 points of UNCH so far, but showing gains in the March and May contracts. The rest of the complex is back in the red following the gains to start the week. Beans are trading with 4 to 8 cent losses, and meal is down by $1.80 to $3.30 per ton.
Malaysia’s Palm Oil Board says the 8% export tax will remain in effect through March. The variable rate export tax has been in effect since Jan 21, capped at 8% above 3,450 ringgit prices. Malaysian Palm Prices were 1.3% higher on 2/23, to the highest prices since Jan 5th near 4,156 ringgits.
USDA’s Ag Outlook Forum is set to begin Thursday and Friday, and should set the early tone for new crop S&Ds – until the March Intentions report and initial May WASDE numbers are released.
Weekly Inspections data revealed 1.578 MMT of soybeans were exported during the week that ended 2/16. The season’s total was 41.387 MMT as of 2/16.
Brazil’s AgRural reported soybean harvest reached 25%. That was 8% points further along through the week, but still trails the fast 33% pace last season. Mato Grosso state is now thought to be over 50% harvested by some observers.
Mar 23 Soybeans are at $15.40 3/4, down 8 cents,
Nearby Cash is at $14.95 1/4, down 8 1/2 cents,
May 23 Soybeans are at $15.35 1/4, down 8 3/4 cents,
Jul 23 Soybeans are at $15.27 3/4, down 9 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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