Soybean prices are wobbling back by 7 to 9 cents in early Wednesday futures action. Beans start the week higher with 6 ¾ to 9 ¾ cent gains coming out of the 3-day weekend. March had been up by as much as 16 ¼ cents for the session high, then profit taking kicked in. 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.
The weekly Export Inspections data from USDA showed 1.185 MMT of soybeans were exported during the week that ended 2/15. That was nearly 400k MT below the same week last year. USDA has the YTD 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. According to commercial sources, Dr. Michael Cordonnier has lowered his Brazilian production forecast another 2 MMT to 145 MMT, below the Conab est. of 149.2 MMT and the current USDA est. of 156 MMT.
Mar 24 Soybeans closed at $11.79, up 6 3/4 cents, currently down 8 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, currently down 9 1/4 cents
Jul 24 Soybeans closed at $11.92, up 7 1/4 cents, currently down 9 3/4 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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