Soybean futures are trading 3 to 6 cents in the red through midday. May was up by over a dime earlier in the session. Soybean oil prices are down by 3% in the May contract. Bean meal futures are holding onto the early strength with $1.30 to $2.80 gains so far.
USDA’s Ag Attache figures the 23/24 Chinese soybean import will reach 97.5 MMT, a 1 MMT increase yr/yr. Their crush is also anticipated to increase by 1 MMT to 95 MMT. The Attache estimates Indonesia’s 23/24 palm oil production at 46 MMT, a 3% increase yr/yr.
Weekly inspections data had 716,618 MT of soybean exports for the week that ended 3/16. Accumulated soybean shipments were 44.06 MMT.
Patria Agronegocios estimated that the Brazilian soybean harvest is 63.1% finished. That trails Brazil’s unusually rapid 71.7% pace from last year.
May 23 Soybeans are at $14.84, down 2 cents,
Nearby Cash is at $14.47 3/8, down 1 1/2 cents,
Jul 23 Soybeans are at $14.62 3/4, down 4 cents,
Nov 23 Soybeans are at $13.05 3/4, down 3 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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