Beans faded off their highs on Tuesday, as March ended below the $12 mark. The front month contracts were still fractionally to 3 ½ cents higher for the close. The new crop soy/corn ratio was 2.467 at the bell. Soymeal futures ended the day in the red with losses of $1.40 to $2.30/ton. Nearby Soy oil futures stayed in the black for the close with 59 to 52 point Tuesday gains. The Dalian market will be closed this Friday (9th) for a full week for the Chinese New Year.
Ag Rural estimated the 23/24 soy harvest at 16% complete through Feb 1. That is up from 11% the week prior and compares to 9% last year.
The weekly Export Inspections report showed 1.426 MMT (52.4 mbu) of soybeans were shipped during the week that ended 2/1. USDA reported the season’s total shipment at 29.12 MMT (1.07 bbu), which remains 24% behind last year and 17% behind the 5-yr average pace.
Analysts are expecting USDA to raise soybean carryout by 4.6 mbu to 284.6 mbu on average ahead of the Feb USDA reports. The full range of estimates runs 245 to 310 mbu for Thursday’s report. Pre-report estimates anticipate a 3.3 MMT cut to Brazilian output partially offset by an 800k MT larger Argentinian crop.
Mar 24 Soybeans closed at $11.99 1/2, up 3 1/4 cents,
Nearby Cash was $11.47 1/2, up 3 1/8 cents,
May 24 Soybeans closed at $12.08 1/4, up 3 1/2 cents,
Jul 24 Soybeans closed at $12.17 3/4, up 3 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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