So far through Monday’s midday the soybean market is 4 to 10 1/2 cents in the red, led by the soon to enter deliveries March contract. Soymeal prices are in the black so far, though gains are limited to $1.60 at midday. BO prices are dropping triple digits for midday.
Indonesia has successfully implemented the B35 biodiesel program, beginning Feb 1.
Argentine Agrarian Federation announced a planned protest for Tuesday, blocking a portion of highway from Rosario to Buenos Aires to protest the financial conditions for farmers – specifically the taxes and exchange rates.
USDA’s weekly Export Inspections report showed 690,984 MT of soybeans were exported during the week that ended 2/23. That was down from 1.58 MMT last week, and was 48k MT below the same week last year. China was the top destination for the week with 370k MT (54% of the total).
Brazil’s Safras and Mercado reported the soy harvest at 30.3% as of 2/24. That is up from 20.9% last week, and trails the 31.4% average pace. Mato Grosso was reported at 76% harvested. The BAGE lowered their estimate for Argentina’s soybean crop by 4.5 MMT to 38 MMT.
Strategie Grains estimated the EU rapeseed crop at 19.6 MMT, up by 100k MT citing good crop conditions.
Mar 23 Soybeans are at $15.18 3/4, down 10 1/4 cents,
Nearby Cash is at $14.70 1/8, down 8 3/4 cents,
May 23 Soybeans are at $15.11 1/4, down 8 cents,
Jul 23 Soybeans are at $15.00, down 8 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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