Beans at Top of 10c Overnight Range into Day Session

Soybeans are currently up by ¾ to 2 ¾ cents early on Tuesday morning. March printed a 10 ½ cent  range overnight from -7 ½ to +3 cents. Beans sagged through the first trade day of the week and ended Monday 3c off the session lows. March beans closed under the $12 mark for the first time since June. Commercial sources indicate China has delayed shipment of 3 to 5 cargoes to March because of higher-than-expected freight costs. New crop beans held firmer, but also faded by 2 to 4 ½ cents. Preliminary open interest shows net new selling on Monday, rising 17,290 contracts. 

Front month Soymeal futures were the bright spot in the complex on Monday, ending the day up by $2.30 to $5.30/ton. That boosted values back above those for South American origin. Soy oil futures led the way lower with losses of near 3% to start the week. 

USDA’s weekly Export Inspection data had 889,717 MT (32.7 mbu) of soybeans shipped during the week that ended 1/25. That was a 54% decrease from the same week last year. The MY total reached 27.666 MMT (1.016 bbu), which also remains 22% behind last year’s pace. Trade reports have an East Coast poultry producer importing Brazilian beans into the US for crushing. The WASDE estimates anticipate limited imports from both Canada and Brazil in most years.

Safras and Mercado reported the Brazilian soybean harvest at 9% complete, vs 4.4% at this time last year.  AgRural has slightly different timing and indicates 11% harvested vs. 5% year ago at this time. 

Mar 24 Soybeans  closed at $11.94 1/4, down 15 cents, currently up 2 3/4 cents

Nearby Cash   was $11.39 7/8, down 15 7/8 cents,

May 24 Soybeans  closed at $12.05, down 11 1/4 cents, currently up 2 1/4 cents

Jul 24 Soybeans  closed at $12.15 1/4, down 8 3/4 cents, currently up 1 1/4 cents