Soybeans are fading into the weekend, with contracts down 3 to 8 cents so far at midday, led by the nearbys. The cmdtyView national front month Cash Bean price is 7 ½ cents lower at $9.78 3/4. Soymeal futures are down $1.20/ton on the day, with Soy Oil futures back down 72 points. March options expire today.
Export Sales data was pushed back to this morning, as a total of 480,278 MT of soybeans were sold during the week of 2/13, at the top end of the 100,000 and 500,000 MT estimates. That was above the previous week (+158.9%) and well above the same week last year. China was the buyer of 101,200 MT, with 75,700 MT sold to Egypt and 73,800 MT to Mexico. Sales for new crop were just 19,342 MT, split between Mexico and Japan.
Soybean meal sales were tallied at 316,907 MT in that week, which was a 4-week low and in the middle of the 200,000-600,000 MT estimates. Vietnam was the buyer of 177,600 MT, with 32,300 MT. Bean oil bookings were near the top end of 25,000 MT estimates, totaling 19,408 MT.
Argentina’s soybean crop was estimated at 17% excellent by Buenos Aires Grain Exchange, up 2% from the prior week, all from of the poor category at 34%.
Mar 25 Soybeans are at $10.38, down 7 1/2 cents,
Nearby Cash is at $9.78 3/4, down 7 1/2 cents,
May 25 Soybeans are at $10.56 1/4, down 6 3/4 cents,
Nov 25 Soybeans are at $10.58, down 3 1/4 cents,
New Crop Cash is at $9.94, down 3 1/4 cents,
On the date of publication, Austin Schroeder 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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