Soybean Futures Hold for Tuesday Gains

Beans start the week higher with 6 ¾ to 9 ¾ cent gains out of the 3-day weekend. March had been up by as much as 16 ¼ cents for the session high. Soymeal prices finished the first trade day of the week up by as much as $2.90/ton. Soy oil futures were the complex’s weak link, but had finished off their lows on Tuesday with 16 to 18 point losses. 

Dalian Soybean Prices  in China gapped lower and pushed to 55 to 77 yuan/MT (~29 c/bu) losses on Monday, following their Lunar New Year break, while the U.S. markets were closed for President’s Day. The March No.1 contract settled at 4,688 yuan (~$17.74/bu), while the No.2 import quality was 3,675 yuan (~$13.90/bu). 

USDA announced a private export sale for 228k MT of soymeal to Philippines. The weekly Export Inspections data from USDA showed 1.185 MMT of soybeans were exported during the week that ended 2/15. That was down from 1.34 MMT the week prior and was nearly 400k MT below the same week last year. USDA listed the season’s total at 31.969 MMT as of 2/15, compared to 41.4 MMT of beans shipped during the same point last season. 

Soybean harvest in Brazil remains ahead of last year with 31.1% of the crop out vs 25% at the same time last year – via Patria Agronegocios. AgRural reported harvest at 32% finished for 2/15, and Safras had the bean harvest listed at 29.4% as of 2/16. 

Mar 24 Soybeans  closed at $11.79, up 6 3/4 cents,

Nearby Cash   was $11.28 1/4, up 6 1/8 cents,

May 24 Soybeans  closed at $11.83 1/2, up 7 1/4 cents,

Jul 24 Soybeans  closed at $11.92, up 7 1/4 cents,