Beans Up Double Digits

Soybean prices are off their highs for midday, but are still double digits higher. The May contract breached $15 earlier in the session. Soymeal futures are trading with midday gains of $5.10 to $5.30/ton. BO prices are in the red for midday with 22 to 38 point losses. 

Weekly Export Inspections data had 1.411 MMT of soybean shipments for the week that ended 1/27. That was up from 1.35 MMT last week, but down 497k MT yr/yr. The USDA added 82,015 MT of bean exports to past reports, which brought the MYTD export to 36.276 MMT. At the same time last year, 47.468 MMT had been shipped. 

Safras and Mercados reported Brazil’s soy harvest at 11.3% complete. That compares to 1.4% harvest at the same point last year. Mato Grosso was listed at 31.8% harvested, compared to 4.7% last year according to IMEA. The Ag Rural reported Brazilian soy output at 128.5 MMT, compared to their prior estimate of 133.4 MMT. 

Strategie Grains estimated the EU rapeseed output at 18.2 MMT. That was up 7.4% from last year’s dryness affected crop, and 200k MT above their prior estimate. 

Mar 22 Soybeans  are at $14.84, up 14 cents,

Nearby Cash   is at $14.37 3/4, up 12 1/2 cents,

May 22 Soybeans  are at $14.90, up 14 3/4 cents,

Nov 22 Soybeans  are at $13.62 1/4, up 10 3/4 cents,

New Crop Cash   is at $13.06 1/1, up 10 3/4 cents,