The pre-WASDE trades have soy futures fractionally to 5 cents lower into the report day day session. Soybean futures faded their rally out of the weekend with 5 to 15 3/4 cent givebacks on Tuesday. For the May contract, that flipped price negative for the week; though Nov is still up by a net 3/4 of a cent. Soymeal futures also faded, giving back $3.80 to $6.40 on the day. Soybean oil futures continued lower on Tuesday, extending the downside by another 158 to 179 points.
There were zero deliveries against March meal again overnight. There were 9 issued and stopped against March bean oil but the others did not re-appear. There were 61 contracts put out against March soybeans overnight, with Bunge stopping 57 for the house account.
Ahead of the monthly S&D update, analysts expect USDA to trim the U.S. soy carryout by 3.5 mbu on average to 221.5. The full range of estimates is +/- 25 mbu from the Feb figure. Global soybean stocks are expected to be 2 MMT tighter, mainly reflecting lost Argentine production.
China reported 16.17 MMT of soybean imports for 2023 through February.
Brazil’s AgRural reported soybean harvest advanced by 10% points through the week to 43% complete. Producer selling is accelerating due to harvest progress and a serious lack of on farm storage.
Mar 23 Soybeans closed at $15.25 1/4, down 15 3/4 cents, currently down 1/4 cents
Nearby Cash was $14.76 3/8, down 13 3/8 cents,
May 23 Soybeans closed at $15.15 1/2, down 13 1/2 cents, currently down 2 cents
Jul 23 Soybeans closed at $15.04 3/4, down 12 cents, currently down 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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