Soy futures are selling another 8 ½ to 15 cents lower through midday. Soymeal futures are also backing off another $3.10 to $3.30 at midday. Soy oil is also 22 to 29 points weaker at midday.
Weekly Export Sales data showed 353,775 MT of soybeans were sold for 23/24 delivery and 24k MT for 24/25 delivery during the week that ended 2/8. That was at the low end of expectations and was down 5% from the same week last year. USDA had 8.4 MMT of unshipped beans on the books, which remains 28% behind last year.
The annual USDA Ag Outlook Forum included a release from the Office of the Chief Economist projecting soybean acreage at 87.5 million. That is 3.9 million above 2023 and compares to the 86.7 million acre average estimate by selected analysts taken on Monday and Tuesday. The preliminary carryout is at 435 mbu for 24/25.
NOPA’s monthly crush report will be released today, with the average trade guess for the January total to be around 189.93 million bushel. That would be down 2.8% from December but still 6.1% larger than the Jan 2023 number. NOPA Bean oil stocks are expected to hit 1.409 billion lbs for 1/31, a 3.6% increase from Dec 31 if realized.
Mar 24 Soybeans is at $11.63 1/2, down by 7 cents,
May 24 Soybeans is at $11.66 3/4, down by 9 1/2 cents,
Jul 24 Soybeans is at $11.76 1/4, down by 9 3/4 cents,
Nov 24 Soybeans is at $11.40, down by 15 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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