Front month soybean futures are currently working 2 to 8 ½ cents in the black, with March near the highs for the session. Soy oil futures are extending their move with another 15 to 19 point gains. Soymeal futures are trading $2.70 to $3.40 stronger so far.
Farm Futures survey results have 24/25 soybean area at 84.95m acres. The S&P Global estimate was to see 85.5 million acres.
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 estimated harvest at 6% complete as of 1/18.
Mar 24 Soybeans are at $12.30 3/4, up 6 1/2 cents,
Nearby Cash is at $11.75 5/8, up 6 5/8 cents,
May 24 Soybeans are at $12.38 1/2, up 5 1/2 cents,
Jul 24 Soybeans are at $12.46 1/4, up 5 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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