Soy Fades into Thursday

Soybean futures are trading with overnight weakness of 3 1/2 to 10 3/4 cents weaker, with the products down $1-2/ton and 29 to 31 points for meal and oil respectively. Soy futures traded 3 3/4 to 6 1/2 cents lower on Wednesday, but closed a nickel off their lows. A private export sale of 276k MT of old crop soybeans to unknown destinations was announced under the daily system on Wednesday, but had little impact. 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. 

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 for the week ending 3/30. 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%. 

A Reuters survey puts the average trade estimate for Argentine corn at 37.12 MMT, with soybeans at 29.30 MMT.   USDA will release their updates on Tuesday. 

May 23 Soybeans  closed at $15.11, down 6 1/2 cents, currently down 11 cents

Nearby Cash   was $14.67 ¾ on Wednesday, down 6 1/8 cents,

Jul 23 Soybeans  closed at $14.77 3/4, down 5 cents, currently down 8 1/2 cents

Nov 23 Soybeans  closed at $13.16, down 4 cents, currently down 4 3/4 cents