Favorable USDA data took the beans to new highs for the day after 11 AM central. Old crop prices are trading more than 20 cents in the black so far, with new crop 11 to 23 cents higher at midday. Meal prices are also in the black with $3.40 to $4.80 gains so far. Soybean oil futures are up by triple digits at midday.
USDA’s NASS counted 1.685 bbu of soybeans for March 1st. That was tighter than the average trade guess, but within the range of estimates. Compared to last year, stocks were 246.4 mbu tighter. Implied Q2 demand was 1.336 bbu, compared to 1.205 bbu last year and the implied estimate for 1.294 bbu.
NASS Prospective Plantings report shows farmers intend to plant 87.505 million acres of soybeans in 23/24. That is down from 87.45 planted for old crop and matches with their Feb projection. Traders were looking for 88.3 million on average.
Analysts surveyed expect USDA will confirm a 175.7 mbu soy crush for February in Monday’s report. The NOPA crush report had Feb at 165.41 mbu.
May 23 Soybeans are at $15.04 1/2, up 30 cents,
Nearby Cash is at $14.69 3/8, up 24 3/4 cents,
Jul 23 Soybeans are at $14.74, up 27 cents,
Nov 23 Soybeans are at $13.19 3/4, up 16 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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