After the double digit losses yesterday rallied to close 8 cents weaker, soybean prices have extended the bounce through Wednesday’s midday with 18 to 22 3/4 cent gains. Soymeal is also bouncing back with 1.57% to 2% gains through midday. Soybean oil prices are up by triple digits, adding 2.3% to yesterday’s gains.
TheCME Synthetic Soy Crush is back up some for Midday to $1.55/bu. It was above $2/bu on the board before the meal weakness to start the week.
The Buenos Aires Grains Exchange expects Argentina’s soy crop to be 44 MMT as per their recent forecast. The USDA had Argentina at 46.5 MMT in their Jan WASDE report. The Rosario Grains Exchange was calling for a 40 MMT bean crop.
Brazil’s AgRural reported the 2021/22 bean harvest at 1.2% complete as of Jan 13. That is up from 0.4% last year and compares to 1.1% on average.
Mar 22 Soybeans are at $13.85 1/4, up 24 cents,
Nearby Cash is at $13.42 1/4, up 23 7/8 cents,
May 22 Soybeans are at $13.94 1/2, up 23 1/2 cents,
Jan 23 Soybeans are at $13.01 1/4, up 16 3/4 cents,
New Crop Cash is at $12.42 1/1, up 16 1/2 cents,
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