Soy Mixed with Beans in Black

Soy futures are trading mixed at midday, after fading the overnight gains. Beans are still 7 to 9 1/2 cents in the black at midday, though March is 27 cents off the early session high. Meal futures have also faded their double digit gains, with midday prices showing 60 cent to $1.50/ton losses. Soybean oil futures are trading 10 to 18 points in the red. 

USDA announced a large private soybean sale, as unknown destinations booked 380k MT of old crop beans. Chinese markets are closed today for holiday. 

USDA reported 198.22 mbu of soybeans were crushed in December. That was above the average estimate and at the top end of the expected range, for the largest single month crush on record. The previous record was earlier this season with 196.92 mbu crushed in October. The 21/22 marketing year crush reached 747.15 mbu through the first 4 months, which is 8.1 mbu behind last year’s record pace and 34.1% of the USDA forecasted total. Soy oil stocks were below estimates, but still up from November, at 2.466b lbs.  

StoneX expects Brazil’s soy output to be 126.5 MMT according to their latest estimate. Brazilian export data confirmed 2.468 MMT of soybeans were shipped during Jan. That was up from the considerably weak Jan ’21 shipment of 49k MT.  

Mar 22 Soybeans  are at $15.38 1/4, up 9 3/4 cents,

Nearby Cash   is at $14.92 1/8, up 9 1/4 cents,

May 22 Soybeans  are at $15.43 1/4, up 9 cents,

Nov 22 Soybeans  are at $13.91 1/4, up 9 1/4 cents,

New Crop Cash   is at $13.37 3/4, up 9 1/4 cents,