Nearby soybean futures closed Monday with 6 to 11 cent gains. The March contract traded within a 16 ¼ cent range on the day, though mostly in the black and closed just 1 ½ cents off the session high. Soy oil futures also rallied out of the weekend with gains of over 2.5% in the front months. Front month Soymeal futures closed Monday with $0.40 to $0.70 losses. The March contract ended off the session low, but had set a new low for the move at levels not seen since July ’22.
Weekly Inspections data from USDA’s FGIS had 1.16 MMT (42.7 mbu) of soybean exports during the week that ended 1/18. That was a 117k MT drop from last week’s volume and was 37% below the same week last year. Accumulated bean shipments were totaled at 26.751 MMT (982.9 mbu), compared to 34.3 MMT (1.26 bbu) last year. Friday’s FAS data had 12.16 MMT (447 mbu) of unshipped bean sales on the books as of 1/11.
Safras and Mercado updated Brazil’s soybean harvest to 5.1% complete as of 1/19. That compares to 1.7% at the same time last year. AgRural reported harvest at 6% complete as of 1/18.
Mar 24 Soybeans closed at $12.24 1/4, up 11 cents,
Nearby Cash was $11.68, up 11 cents,
May 24 Soybeans closed at $12.33, up 10 cents,
Jul 24 Soybeans closed at $12.41 1/4, up 9 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.
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