Front month soybeans are down by 4 ¾ to 11 cents with the back months leading the way lower. Soymeal prices are 1.5% in the red, with Soybean Oil futures 0.7% weaker for midday.
Pre-report estimates for the weekly Export Sales data range 1.5 MMT to 2.5 MMT for soybean sales during the week ending 12/14. New crop sales are expected to be below 200k MT. Estimates for soymeal range 175k to 400k MT, with less than 10k MT of soy oil expected.
Brazilian officials will increase the required domestic biodiesel blend rate from 12% to 14% beginning March ’24, and to 15% beginning 2025. Brazil’s Ag Ministry extended the permitted late planting date for soybeans to January 13th, a trade off between weather delays and increased foliar disease risks.
Jan 24 Soybeans are at $13.09 1/2, down 3 cents,
Nearby Cash is at $12.57, down 1 7/8 cents,
Mar 24 Soybeans are at $13.15 1/4, down 7 1/4 cents,
May 24 Soybeans are at $13.25 1/4, down 7 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.
