Soybean Futures Are in the Black at Midday

Midday bean prices are working 7 to 13 3/4 cents higher so far. The old crop contracts are near their highs for the day, with the July contract back above the $15 mark. Meal futures are trading with midday gains of as much as 2%. Front month soy oil prices are trading with 22 to 68 point losses so far. USDA showed the cash average B100 price was $4.70/gal in MN this week, down by 8 cents. 

Crude palm oil production in Malaysia was reported at 1.28 MMT, down 7.2% yr/yr for February. Malaysian Palm Prices were 1.12% higher on Friday to a 7-month high of 4,318 ringgits on the continuation chart.  

Buenos Aires Grains Exchange forecasted Argentina’s soy crop at 33.5 MMT, even with their prior figure. USDA’s Ag Attache has Brazil’s soybean output at 153 MMT, steady with USDA’s official forecast. They do have slightly higher exports and slightly lower crush for the balance sheet, ultimately leading Brazil’s carryout to 3.221 MMT relative to the official 2.855 MMT forecast. Agroconsult expects Brazil’s soybean crop to total 153 MMT, steady with their prior assumption. Datagro has 150.81 MMT penciled in for soybean output. 

USDA’s weekly Export Sales data showed 360,669 MT of soybeans were sold during the week that ended 2/23. Total commitments were 48.814 MMT (1.794 bbu), or 2.3% behind last year’s pace and 90% of USDA’s forecast. The weekly report had the new crop book at 1.308 MMT. 

Mar 23 Soybeans  are at $15.33 1/2, up 13 3/4 cents,

Nearby Cash   is at $14.83 3/8, up 13 1/2 cents,

May 23 Soybeans  are at $15.22 1/2, up 13 1/4 cents,

Jul 23 Soybeans  are at $15.09, up 11 cents,