Soybeans are trading with midday weakness of 3 1/4 to 7 3/4 cents so far through Thursday. Meal futures are $0.90 to $1.40 weaker. BO futures are down by 20 to 29 points at the midday quote.Â
At the annual February Ag Outlook Forum USDA put projected new crop soybean acreage at 87.5 million acres, even with last year and slightly below trade estimates. Trend yields were pegged at 52 bpa before weather considerations leaving a 4.5 bbu crop – a 5% increase yr/yr. Major uses were projected at 2.31 bbu for crush and 2.03 bbu for exports, for a 290 mbu carryout and a $12.90/bu average price.           Â
Weekly Export Sales through Feb 16 are estimated to be between 300k and 850k MT for old crop soybeans, with as much as 300k MT for new crop bookings. Soymeal sales are expected to be below 300k MT, and soybean oil bookings are expected to be below 10k MT.Â
Mar 23 Soybeans  are at $15.36 1/4, down 3 1/4 cents,
Nearby Cash  is at $14.90, down 4 3/8 cents,
May 23 Soybeans  are at $15.30 3/4, down 4 cents,
Jul 23 Soybeans  are at $15.23, down 4 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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