Soybeans were down ¼ to 9 ¼ cents out to the summer 2024 contracts, with a few deferred contracts beyond that up ¼ to 2 ¾ cents. Meal was $3.20 to 5.10 lower in the front months, to add pressure to the complex. Soy oil was up 5 to 10 points in the front months.
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. The trade is estimating 88.6 million acres will be released in the outlook. Ending stocks for 23/24 are estimated to be forecast at 319 mbu.
Mar 23 Soybeans closed at $15.39 1/2, down 9 1/4 cents,
Nearby Cash was $14.94, down 9 5/8 cents,
May 23 Soybeans closed at $15.34 3/4, down 9 1/4 cents,
Jul 23 Soybeans closed at $15.27 1/2, down 9 1/4 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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