Soybean Market Red on Wednesday

Soy futures traded 3 3/4 to 6 1/2 cents lower on Wednesday, but closed a nickel off their lows. Meal prices ended the day down by $5.40 to $6.80/ton. Soybean oil prices were 38 to 52 points lower on the day. 

USDA confirmed a private export sale of 276k MT of old crop soybeans to unknown destinations this morning. Weekly export sales are estimated between 200k and 600k MT for old crop beans ahead of FAS data. New crop sales are expected to be below 200k MT. Meal booking estimates range from 125-450k MT going into the report. Traders expect fewer than 20k MT of soy oil sales. 

Census data showed 197.5 mbu of soybeans were exported during the month of February. That was a 39% drop from January’s shipment but was 42% above Feb ’22. The accumulated soybean export program reached 1.609 bbu through Feb, which is just shy of 80% of USDA’s forecast. Shipments are also 5.1% ahead of last year’s pace. For the products, census had 925,174 MT of soymeal exported and 11,774 MT of soybean oil shipped. For meal that was a 34% drop from Jan, though BO shipments were up 68%. 

Argentina’s latest ‘soy-dollar’ preferential exchange rate, the 3rd of its kind. This plan will lock in a 300 peso/dollar exchange rate for soybeans and soy products sold for export from April 8th – May 31st. The current ratio is ~210.8099 pesos to $1.  

May 23 Soybeans  closed at $15.11, down 6 1/2 cents,

Nearby Cash   was $14.67 3/4, down 6 1/8 cents,

Jul 23 Soybeans  closed at $14.77 3/4, down 5 cents,

Nov 23 Soybeans  closed at $13.16, down 4 cents,