Soybeans are down 5 to 12 cents at midday, with pressure from losses in crude oil and weaker soy products. Meal futures are down $2.50-3 in the nearbys, with May bean oil 54 points lower. Crude oil is $4.83/barrel lower so far on the session, more than 6%.
Ahead of Thursday morning’s Export Sales report, the trade range of estimates for old crop soybean sales is 50,000-700,000 MT for the week ending March 9. Sales for new crop was estimated in the range of 50,000-200,000 MT. Bookings for meal are seen at 100,000-375,000 MT, with bean oil at 0-20,000 MT.
The monthly NOPA report tallied February crush at 165.41 mbu, a 0.22% increase from last year but below the 166.06 mbu trade estimate. That was down 7.59% vs. January, but daily crush was up 140,000 bushels at 5.91 mbu. NOPA soybean oil stocks were reported at 1.809 billion lbs, 75 million below the trade estimate.
CFTC data, still catching up from the ION ransomware attack, showed managed money trimming 59,399 contracts from their net long position in the week ending 2/28. That took them to a net long of 129,610 contracts.
May 23 Soybeans are at $14.87 3/4, down 6 cents,
Nearby Cash is at $14.49 3/4, down 5 7/8 cents,
Jul 23 Soybeans are at $14.73 1/2, down 8 1/4 cents,
Aug 23 Soybeans are at $14.30 1/4, down 12 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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