Soybean Futures Extend Monday Weakness into Tuesday

Soybean futures are 1 ¾ to 3 ¼ cents lower so far this morning. They 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 today. There were zero deliveries against March meal overnight. There were 3 delivery notices against March BO. There were 2 contracts put out against March soybeans by a Cunningham client and stopped again by Bunge.  

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 release monthly soybean crush data on Wednesday, with analysts estimating that 166.06 mbu of soybeans were crushed by NOPA members in February. 

Brazil’s soybean harvest is now 53% complete, close to the five year average pace although behind last year’s drought accelerated harvest. 

May 23 Soybeans  closed at $14.91 1/4, down 15 3/4 cents, currently down 3 1/4 cents

Nearby Cash   was $14.52, down 15 3/4 cents,

Jul 23 Soybeans  closed at $14.79, down 15 3/4 cents, currently down 2 ¾ cents

Aug 23 Soybeans  closed at $14.40 3/4, down 17 1/4 cents, currently down 2 ¾ cents