Soybean futures are slipping another 1 to 2 ½ cents lower on Tuesday. Meal is up $1.90 in the May contract, with May bean oil 60 points higher. The March contracts 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.
NOPA will release monthly soybean crush data on Wednesday morning, with analysts estimating that 166.06 mbu of soybeans were crushed by NOPA members in February. Soybean oil stocks are seen at 1.886 billion lbs at the end of February.
Dr. Michael Cordonnier has trimmed his projection for Argentina’s soybean crop by 3 MMT to 28 MMT, citing hot temps and dry weather. His Brazilian estimate was left at 151 MMT.
May 23 Soybeans are at $14.88 3/4, down 2 1/2 cents,
Nearby Cash is at $14.50 3/4, down 2 1/4 cents,
Jul 23 Soybeans are at $14.77, down 2 cents,
Aug 23 Soybeans are at $14.39 1/4, down 1 1/2 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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