Soybeans are up by 2 to 6 cents so far in early Tuesday futures trading. Soybeans ended Monday fractionally mixed. May beans were the exception, closing 5 1/4 cents lower. That reduced the inverse to July, but it’s still 25 cents. Preliminary open interest dropped 8,110 contracts, with a big chunk of that long liquidation in the nearby May. Soymeal prices were $1.40 to $3.60 lower at the close. Soybean oil prices ended within 5 points of UNCH.
Safras and Mercado reported Brazil’s 22/23 soy harvest was 80.8% complete. That is down from 85.5% last year when dry weather speeded progress. Safras raised their production estimate to 155.1 MMT from 152.4 MMT. Brazilian farmer soy sales were marked at 44.3% of the crop, compared to 60% on average.
USDA reported 669,566 MT of soybeans were exported during the week that ended 4/6. That was up from 504k last week but was under the 821k MT shipped during the same week last year. The weekly report had 46.133 MMT of exports through 4/6, compared to 45.03 MMT last season.
Ahead of the April WASDE report today, analysts expect to see a 10.6 mbu tighter soybean carryout. That would drop ending stocks back below 200 mbu if realized. The pre-report estimates also average for a 29.2 MMT Argentine soy crop. That would be down another 3.8 MMT from the March figure if realized.
May 23 Soybeans closed at $14.87 1/4, down 5 1/4 cents, currently up 5 1/2 cents
Nearby Cash was $14.48 1/1, down 1 5/8 cents,
Jul 23 Soybeans closed at $14.61 3/4, down 3/4 cent, currently up 6 cents
Nov 23 Soybeans closed at $13.09 3/4, unch, currently up 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.
