Front month Soy Oil futures are trading 4 and 5 points higher for another firm day through Tuesday’s midday. The soybeans and meal, however, are dropping so far. Beans are down by 1 ½ to 4 ¾ cents so far, and ~3c off the session lows. Midday Soymeal futures are trading $2.20 to $3.50 in the red.
A pre-report survey showed the average trade guess for soybean carryout at 318.8 mbu, which would be 3.8 mbu looser if realized on Friday. The full range of estimates is from 22 mbu tighter to 40 mbu looser. Traders are also looking for USDA to cut Brazilian soy production by 3.2 MMT in the monthly WASDE, with a 1.3 MMT tighter carryout.
Brazil’s soybean harvest via AgRural reached 48% finished, which is still 5% points ahead of last year’s pace.
Yesterday, USDA announced a large private export sale for 126k MT of soymeal to unknown. Most of the purchase was for new crop delivery, though 30k MT is for 23/24.
Weekly Inspections data showed 1.02 MMT of soybeans were shipped for the week that ended 2/29. That was slightly below last week, but was 470k MT more than the same week last year. Soybean shipments still trail last year’s pace by 8.55 MMT with 34.2 MMT shipped.
Mar 24 Soybeans are at $11.44, down 3 cents,
Nearby Cash is at $10.91 5/8, down 5 1/4 cents,
May 24 Soybeans are at $11.49 1/2, down 5 1/2 cents,
Jul 24 Soybeans are at $11.59 1/2, down 5 3/4 cents,
Nov 24 Soybeans are at $11.43 3/4, down 2 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.
/Super%20Micro%20Computer%20Inc%20HQ%20photo-by%20Tada%20Images%20via%20Shutterstock.jpg)
/Microsoft%20logo%20on%20building%20by%20franz12%20via%20iStock.jpg)
/NVIDIA%20Corp%20logo%20outside%20building-by%20BING-JHEN_HONG%20via%20iStock.jpg)