Soybean futures closed the Monday trading session 13 to 18 ¼ cents in the red for the nearby contracts. The markets were scared off by the banking situation and trying to gauge any potential demand implications for food and fuel. Soymeal is down $4.20 to $6.60, with May soybean oil down 75 points. The March contracts will expire on Tuesday.
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 at 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.
NOPA will be out with their monthly crush data on Wednesday, with analysts estimating that 166.06 mbu of soybeans were crushed among members in February.
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, which was a little faster moving than average due to drought.
May 23 Soybeans closed at $14.91 1/4, down 15 3/4 cents,
Nearby Cash was $14.52, down 15 3/4 cents,
Jul 23 Soybeans closed at $14.79, down 15 3/4 cents,
Aug 23 Soybeans closed at $14.40 3/4, down 17 1/4 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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