The May soybean contract is working 25 cents off the early session low and trading in the black. The other old crop contracts are also working higher through midday, but the new crop prices are still 1 3/4 to 3 cents in the red. Meal futures are back to break even after initial weakness, and soybean oil is up 40 to 50 points in the front months.
Weekly inspections data had 716,618 MT of soybean exports for the week that ended 3/16. That was up 83k wk/wk and up 160k MT from the same week last year. Accumulated soybean shipments were marked 1.226 MMT ahead of last year’s pace with 44.06 MMT shipped.
Patria Agronegocios estimated that the Brazilian soybean harvest is 63.1% finished. That trails Brazil’s unusually rapid 71.7% pace from last year.
The Buenos Aires Grains Exchange lowered their soy production estimate by another 4 MMT and anticipates a 25 MMT Argentine soybean crop.
May 23 Soybeans are at $14.85 1/4, up 8 3/4 cents,
Nearby Cash is at $14.47 1/8, up 8 3/4 cents,
Jul 23 Soybeans are at $14.66 1/2, up 5 1/4 cents,
Nov 23 Soybeans are at $13.09 1/4, down 4 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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