Soybeans Fading into Wednesday

Front month bean prices are currently fading Tuesday’s gains with 5 to 8 cent losses this morning. March is currently a penny off the low. The nearby soybean futures were a penny to 3 cents higher at the close, while new crop beans closed fractionally weaker. Soymeal futures ended with strong gains of over 1.5% for the front months. Soy oil futures closed down by 88 to 100 points across the front months on Tuesday. 

Weekly Export Inspections for soybeans were reported at 1.264 MMT, up from last week but well below the 2.192 MMT a year ago for the same week.  YTD shipments total 940 million bushels, lagging year ago by 21.1%. 

NOPA members reported 195.3 mbu of soybeans were processed in December. That was a new all time high from NOPA members, and was up 10% from last year. Having two more crush plants in operation helps. Estimates were to see 193.1 mbu. Soybean oil stocks grew to 1.36b lbs. 

AgRural reported Brazil’s soybean harvest at 2.3% complete as of 1/11. That compared to 0.6% at the same time last year. That group dropped their expected Brazilian crop to 150 MMT. CONAB is at 155.3 MMT.  Safras and Mercado reported soy harvest at 2.1% finished, with Patria Agronegocios reporting 2.4% complete. 

Private analyst firm Capeco anticipates Paraguay’s first crop bean harvest at 9.5 MMT – citing El Nino rain patterns. 

Mar 24 Soybeans  closed at $12.27 1/4, up 3 cents, currently down 8 1/2 cents

Nearby Cash   was $11.70 1/4, up 3 3/4 cents,

May 24 Soybeans  closed at $12.38 1/2, up 2 3/4 cents, currently down 8 cents

Jul 24 Soybeans  closed at $12.46 3/4, up 2 1/2 cents, currently down 8 cents