Soybeans Cautiously Lower As Brazil Harvest Advances

Soybeans are trading steady to 2 cents lower so far in the midweek session. The soy futures complex turned around on Tuesday with beans and bean oil gaining while meal faded. Soymeal futures ended the day with $1.30 to $1.90 losses. Beans dropped from their midday highs, but were still up 4 1/4 to 12 1/2 cents at the close. Preliminary open interest data shows rolling of positions from March to May, front running the upcoming index fund roll period. BO futures gained back 54 to 61 points for Turnaround Tuesday. 

The national average soybean basis is 44 cents under March according to cmdtyView data. That compares to -45 cents last year. WCB beans are 52 cents under, which is 8 cents firmer yr/yr, while the ECB average bean basis is 11 cents weaker at -32 cents. 

AgRural reported Brazil at 5% harvested for 21/22 soybeans. AgRural expects the total soy output to reach 133.4 MMT. 

Mar 22 Soybeans  closed at $14.07 1/4, up 4 1/4 cents, down 1 this morning

Nearby Cash  was $13.62 ½ on Tuesday, up 4 cents,

May 22 Soybeans  closed at $14.16, up 5 cents, down 1 ¼ this morning

Nov 22 Soybeans  closed at $13.18 1/2, up 11 cents, down 1 ¼ this morning

New Crop Cash  was $12.60 ¼ on Tuesday, up 11 1/4 cents,