Soybeans Backing on into Friday

Soybeans are trading with 1 to 3 cent losses early on Friday morning. The market closed Thursday with contracts 11 to 16 ¼ cents higher. The cmdtyView national front month Cash Bean price was up 16 cents at $9.62. Soymeal futures were up $2 to $5.10/ton on the day, with Soy Oil futures 11 to 20 points higher. The CME showed no deliveries against March soybeans overnight, with 272 delivery notice for March soybean meal and 128 deliveries for March bean oil.

Export Sales data from yesterday morning showed 352,883 MT in soybean bookings, on the low end of estimates for the week of 2/27. That was down 14.1% from the week prior and 42.5% below the same week last year. China was the largest buyer of 205,700 MT, with 114,100 MT to Germany. There was 216,900 MT in net reductions for unknown destination, most of which was switched to a destination. New crop exceeded the top end of expectations at 54,886 MT. 

Soybean meal sales totaled 236,677 MT, on the lower end of estimates and up 34.1% from last week. Soybean oil sales were at 54,837 MT, exceeding estimates and nearly triple the week prior.

Census data showed January soybean exports at 5.21 MMT (191.5 mbu), which was a 5-year low for the month. That was down 12.57% from last year and a 34.55% below the December total. Bean Meal exports in the month were the second largest all time for the month at 1.425 MMT. Soybean oil shipments were also the second largest on record for January and the largest for any month since January 2010.

Chinese soybean imports during January and February totaled 13.61 MMT, an increase of 0.61 MMT from the same period last year.

Mar 25 Soybeans  closed at $10.14, up 16 1/4 cents, currently unch

Nearby Cash  was $9.62 1/1, up 16 cents,

May 25 Soybeans  closed at $10.27 1/4, up 15 1/2 cents, currently down 2 1/2 cents

Nov 25 Soybeans  closed at $10.20 3/4, up 11 1/4 cents, currently down 1 1/2 cents

New Crop Cash  was $9.65 1/2, up 18 3/4 cents,