Soybeans are set to start the day trading with 9 to 13 ¾ cent gains. The AM meal trade has futures 1.5% higher, with BO another 40 points in the black for early Tuesday futures action. Beans initially started the last week of Feb by driving to new lows for the move. Prices firmed up Monday afternoon and closed mixed, with fractional to 4 cent gains in old crop and fractional to 1 ¼ cent losses for new crop. Soymeal futures also firmed up to close mixed, mostly higher within $3/ton of UNCH. Soy oil futures stayed near their midday quotes for the close, just 20 points off the day’s high, on 38 to 42 point gains.
Dr. Cordonnier released his preliminary US soybean supply estimates for 24/25, expecting a 52 bpa national average yield on 87.5m acres for a 4.5 billion bushel crop.
Brazil’s soybean harvest was marked at 40% complete by consulting firm AgRural. A fire caused a disruption to some export loaders at Paranagua late last week, but reports suggest operations resumed on Saturday afternoon. There were trade rumors that China finally found Brazilian prices attractive and booked 5-6 cargos.
USDA’s weekly Export Inspections data showed 974,977 MT of soybeans were exported during the week that ended 2/22. That was down 316k MT from the week prior, but was up 209k MT from the same week last year. USDA also picked up over 100k MT of beans for past reports, taking the accumulated export total to 33.05 MMT – which remains 21.6% behind last year at this time.
Mar 24 Soybeans closed at $11.36, up 3 cents, currently up 13 1/2 cents
Nearby Cash was $10.85 3/4, up 3 1/4 cents,
May 24 Soybeans closed at $11.45 1/4, up 3 1/2 cents, currently up 13 1/4 cents
Jul 24 Soybeans closed at $11.55 1/4, up 4 cents, currently up 13 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.
