Beans Drop Double Digits on Tuesday

Beans dropped 1.8% to 2.2% on the day, with 30 cent losses in the old crop contracts. New crop beans closed 24 1/4 to 28 cents in the red. The average close of November soybeans through the month was $13.75 3/4. Soymeal led the way down with 2.2% to 3% losses of as much as $14.70/ton. BO went home with 0.5% losses of 30 points in the front months. 

Trader estimates into Wednesday’s Fats and Oils report average for a 189.6 mbu Jan soy crush. The full range of estimates is from 188.4 to 191 mbu, and NOPA members already reported 179 mbu of soybeans were processed in January. Soy oil stocks are estimated at 2.368b lbs on average. 

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. 

Brazil’s Safras and Mercado reported 30.3% for the national soybean crop harvested as of 2/24. That is up from 20.9% last week, and slightly trails the 31.4% average pace. Mato Grosso was 76% harvested. The BAGE lowered their estimate for Argentina’s soybean crop by 4.5 MMT to 38 MMT. 

Mar 23 Soybeans  closed at $14.90 1/2, down 27 3/4 cents,

Nearby Cash   was $14.36 7/8, down 35 5/8 cents,

May 23 Soybeans  closed at $14.79, down 33 3/4 cents,

Jul 23 Soybeans  closed at $14.69 1/2, down 32 cents,