Beans Close Off Their Lows

Soy futures ended the Thursday session red, but futures firmed up off their lows by the close. November soybeans went home 7 cents above the low and back above the $13 mark, but were still down by 8 cents for the day. The other front months were 7 1/4 to 11 cents lower on the day. Soymeal prices settled $3.10 to $3.30 weaker, though May was $3 off the day’s low. BO prices went home with 55 to 59 point losses for the day, though May had firmed up by 25 points from the session low.  

The International Grains Council expects the 23/24 global soy output to reach 401 MMT. That is 2 higher than their March projection and up 31 MMT yr/yr. Soybean carryout is expected to climb to 60 MMT in ’24, from 56 MMT estimate in March and an 11 MMT increase yr/yr. IGC’s estimate for Argentina’s soy production is 25.5 MMT. 

Weekly Export Sales data showed 100,101 MT of old crop soybean sales for the week that ended 4/13. That was down from 460k MT during the same week last year and was below estimates. USDA reported 144k MT of soymeal sales for the week. That left the season’s meal commitments at 9.41 MMT. For soy oil, the FAS report showed just 202 MT booked. 

Brazil’s ANEC estimated the April soybean exports at 15.15 MMT vs. 14.4 MMT last year. Meal shipments were forecasted at 2.04 MMT, which is slightly below last season. 

May 23 Soybeans  closed at $14.97 1/2, down 9 cents,

Nearby Cash   was $14.56 7/8, down 11 cents,

Jul 23 Soybeans  closed at $14.68 1/2, down 10 1/4 cents,

Nov 23 Soybeans  closed at $13.00 1/2, down 8 cents,