Front month soybean futures are trading 15 1/2 to 19 cents lower through midday. The meal market is $5.70 to $7.20 lower at midday. Front month BO futures are giving back another 67 to 70 points so far.
USDA’s Ag Attache figures the 23/24 Chinese soybean imports 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.
The EU Commission reported their season-to-date soybean import at 8.45 MMT through March 19th. That is down 14.6% from last year’s pace.
May 23 Soybeans are at $14.53, down 14 cents,
Nearby Cash is at $14.16 5/8, down 14 3/4 cents,
Jul 23 Soybeans are at $14.29 1/2, down 19 cents,
Nov 23 Soybeans are at $12.76 3/4, down 19 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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