Soybean Futures Higher for Midweek

Soy futures are trading in the black after the sharp drops yesterday. So far on Wednesday soybeans are 8 to 12 cents higher, meal is 90c to $2.10 higher, and soy oil is 70 points higher. Beans dropped 1.8% to 2.2% on Tuesday, 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 of February was $13.75 3/4. This is used to establish the spring price guarantee for crop revenue insurance. 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. 

There were again zero deliveries against March soy meal overnight, and the 8 contracts of soy oil from Tuesday were re-delivered. Deliveries against March soybeans slowed to 178 contracts vs. 411 the previous day. 

Trader estimates for the Fats and Oils report average 189.6 mbu for January 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. The average estimate for soy oil stocks is 2.368b lbs. 

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, currently up 9 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, currently up 10 3/4 cents

Jul 23 Soybeans  closed at $14.69 1/2, down 32 cents, currently up 9 1/2 cents