The soy market is recovering some of the early week losses today. Beans are up 14 1/4 to 17 cents at midday. Meal futures are trading $1.50 to $2.10/ton at midday. Soybean oil futures are up by 1.1% to 1.2% so far.
China canceled over 500k MT (up to 1 MMT) of Argentina sourced soybean purchases, and replaced them with cheaper Brazilian beans according to trade reports.
Private analyst firm Cordonnier reduced their estimate for Argentina soybean production by 2 MMT to 41 MMT.
Trader estimates for the USDA Fats and Oils report (this afternoon) 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.
Mar 23 Soybeans are at $15.04 1/4, up 13 3/4 cents,
Nearby Cash is at $14.56 1/1, up 20 cents,
May 23 Soybeans are at $14.95, up 16 cents,
Jul 23 Soybeans are at $14.86 1/4, up 16 3/4 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.
/Apple%20watch%20on%20wrist%20by%20fancycrave1%20via%20Pixabay.jpg)
/NVIDIA%20Corp%20logo%20on%20phone%20and%20AI%20chip-by%20Below%20the%20Sky%20via%20Shutterstock.jpg)