Soybean bulls held the line on Tuesday, as contracts were up a little as 2 ¾ cents in the deferred contracts to 11 ¾ cents higher across the board. Front month Soymeal futures closed steady to $1.30 lower across most contracts, with a couple 2024 contracts 20-30 cents higher. Soybean Oil futures helped soybeans regain some strength, with gains of 94 to 108 points.
US production estimates for soybeans from Barchart were raised by 146 mbu to 4.507 bbu. That came all via harvested acreage increases, which were up 130,000 acres to 86.62 million acres, with yield left at 52.03 bpa. USDA’s current totals are at 49.9 bpa for yield and 82.8 million acres for harvested.
The weather outlook for Brazil shows some precip across most of the country this week, before returning to drier and warmer weather next week. Abiove left their Brazilian bean production estimate alone at 164.7 MMT.
Jan 24 Soybeans closed at $13.77 1/4, up 10 cents,
Nearby Cash was $13.17 1/2, up 10 1/8 cents,
Mar 24 Soybeans closed at $13.93, up 9 3/4 cents,
May 24 Soybeans closed at $14.04 3/4, up 9 3/4 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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