Thursday soybean futures were fractionally mixed in the new crop contracts to 1 to 3 cent sin the red in the old crop contracts. The Soymeal contracts were $3.10 to $3.50 stronger across the front months. Soy Oil futures pulled back 70 points on Thursday which left the market near UNCH for the week’s trade.
Official soy shipments were listed at 193.4 mbu for February. That was a drop from the 219 mbu in January but was near Feb ‘23’s shipment. The season’s Census official export was 1.3 bbu through Feb.
USDA announced a large export sale of 152,404 MT of soybeans sold to Mexico this morning. Weekly exports Sales data showed just 194,220 MT of soybeans booked in the week of March 29, below the trade estimates which were to see at least 200k MT. New crop sales were at 0. Soymeal sales were tallied at 234,755, MT, with 202,170 MT for the current MY. Bean oil was shown at 3,097 MT.
StoneX lowered their estimate for Brazilian soybean production via lower yields in MGDS, Sao Paulo, and Parana. The new output estimate is set at 150.8 MMT.
May 24 Soybeans closed at $11.80, down 2 1/4 cents,
Nearby Cash was $11.26 5/8, down 2 1/4 cents,
Jul 24 Soybeans closed at $11.92 1/4, down 3 cents,
Nov 24 Soybeans closed at $11.83 3/4, down 1 cent,
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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