After initial weakness starting the midweek session, soybean futures firmed up through the afternoon and ended the day with gains of as much as 5 ½ cents. Soymeal futures ended the day up by as much as 1.5% across the nearby contracts. Soy oil futures also firmed up but closed the day mixed within 5 points of UNCH on Wednesday.
Traders are expecting USDA’s FAS to report between 500k MT and 1.05 MMT of soybean sales for the week that ended 1/25.
USDA will release the monthly Fats & Oils report after the Thursday close. Trade estimates for December soybean crush average 206 million bushels, with a couple estimates at 207. Soy oil stocks are on average expected to build to 1.764 billion pounds due to the higher crush rate and a recent tendency for biofuels refiners to utilize imported used cooking oil instead of bean oil. At the average guess, BO stocks would still be at least 23% tighter than year ago.
Anec estimates the Brazilian soybean export at 2.49 MMT for the month of January. That is up from 940k MT during Jan ’23. Meal shipments were projected at 1.76 MMT vs 1.43 MMT last year.
Mar 24 Soybeans closed at $12.22 1/4, up 3 1/2 cents,
Nearby Cash was $11.64 1/8, up 25 1/4 cents,
May 24 Soybeans closed at $12.32 3/4, up 5 cents,
Jul 24 Soybeans closed at $12.41 3/4, up 5 1/2 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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