The front month soybean futures market is trading 2 to 8 ¼ cents weaker on Feb’s bonus day. That has the March contract set to round out the month with a net 96 ¾ cent loss and Nov doan by 67 cents so far. Midday Soymeal futures are in the black with $1.80 to $2.50 gains so far. Front month Soy Oil futures are 22 to points weaker. May bean oil is down a net 149 points for the month.
Weekly Soybean bookings were shown at 159,725 MT. That was up from the MY low last week but was still at the bottom of estimates and was 62% below the same week last year. Total commitments are now 20% behind last season’s pace. The weekly Export Sales report showed 456k MT of soymeal was sold which was a 54% increase from the 4-wk average. BO bookings were 3k MT.
Weekly soybean export sales are expected to be between 100k MT and 600k MT for the week that ended 2/22. Meal bookings are expected to be below 550k MT going into the FAS data release. Traders aren’t looking for more than 100k MT of soy oil sales for the week.
StatsCan data showed 973k MT of canola processing for January. That was up by 7% from last year, with the season’s total running 12.7% ahead of last year’s pace.
Mar 24 Soybeans are at $11.27, down 7 cents,
Nearby Cash is at $10.75 5/8, down 10 1/2 cents,
May 24 Soybeans are at $11.39 1/4, down 6 cents,
Jul 24 Soybeans are at $11.50, down 5 3/4 cents,
Nov 24 Soybeans are at $11.32 3/4, down 2 1/4 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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