Soybean futures are trading 8 to 12 cents in the red so far on Monday, after trying to hold around unch at the open. The markets are trying to value the banking situation and gauge any potential demand implications for food and fuel. Soymeal is down $4.20 for the May contract, with May soybean oil down 68 points. The March contracts will expire on Tuesday.
There were zero deliveries against March meal once again, with the oldest long dated February 27. There were 20 contracts put out against March BO, all stopped by a Dorman customer. A JPM customer put out 50 contracts against March beans, with Bunge on the stopping end of all of them.
USDA's weekly export inspections report showed soybean shipments of 618,803 MT (22.74 mbu) during the week that ended on 3/9. That was up 12.02% versus last week but still down 22.5% versus the same week last year. China was the top destination of 152,800 MT, with Mexico (127,391 MT) and Germany (126,625 MT) fighting for second place. Export inspections year to date are now 43.329 MMT (1.592 bbu), which is 2.5% larger vs. last year.
Brazil’s soybean harvest is now 53% complete according to AgRural, a 10% increase on the week. That is still down 11% vs the same time in 2022.
May 23 Soybeans are at $14.98 1/4, down 8 3/4 cents,
Nearby Cash is at $14.59 1/1, down 8 3/4 cents,
Jul 23 Soybeans are at $14.85 1/4, down 9 1/2 cents,
Aug 23 Soybeans are at $14.46 1/4, down 11 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.
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