Soy futures traded higher on Tuesday with 1.3% to 2% gains for the beans, 2% to 2.5% gains for the meal and 0.7% to 1% gains for the oil. The front month soybeans had settled Tuesday with a lower low, a higher high and a net 15 to 24 ½ cent gains for the day. Front month Soymeal futures ended Tuesday up by as much as $8.70. Soy oil futures were 31 to 45 points in the black closing the Tuesday session.
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. Commercial sources indicate China has delayed shipment of 3 to 5 cargoes to March because of higher-than-expected freight costs.
Trade reports have an East Coast poultry producer importing Brazilian beans into the US for crushing.
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 $12.18 3/4, up 24 1/2 cents,
Nearby Cash was $11.64 1/2, up 24 5/8 cents,
May 24 Soybeans closed at $12.27 3/4, up 22 3/4 cents,
Jul 24 Soybeans closed at $12.36 1/4, up 21 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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