Soy Market Mixed at Midday

Old crop beans are trading in the red at midday, though are 20 cents off their intra day high and 11 cents off their intra day low. New crop prices are also off their highs for midday, but are still a penny to 1 1/4 cents in the black. Soymeal futures are trading within 50 cents/ton of UNCH so far. BO prices are down 45 to 58 points at midday. 

USDA announced a large export sale cancelation this morning as Chinese soybean buyers removed 380k MT of committed old crop from their books. 

USDA’s weekly Export Sales report showed 1.095 MMT of soybeans were booked during the week that ended 1/27, though 459k MT were previously announced. That was up 6% wk/wk, and 43% form the same week last year, as well as being at the top end of the range of expectations. Mexico was the week’s top buyer, though Egypt and the Netherlands also bought +100k MT. New crop business was reported at 881,816 MT for the same week. That was a MY high for forward sales and was 39% above the same week last year. China and unknown destinations made up ~90% of the total new crop sales. China was also the top destination for the week’s 1.39 MMT shipped. 

USDA’s weekly report showed 605,485 MT of meal was sold for export during the week that ended 1/27. That was the largest weekly sale since 1/16 of 2020, and above the expected range, led by Colombia and the Philippines. USDA’s FAS data had soymeal shipments at 280,237 MT from the same week, which brought the MY total to 4.217 MMT. That outpaces 20/21 by 4% - while the WASDE is forecasting a 1.6% yr/yr increase. Weekly BO bookings were reported at 4,149 MT. That was a 3-week low, down 78% yr/yr, and at the low end of pre-report estimates.  

Mar 22 Soybeans  are at $15.38, down 7 1/4 cents,

Nearby Cash  is at $14.92 3/8, down 6 3/4 cents,

May 22 Soybeans  are at $15.41 1/2, down 8 cents,

Nov 22 Soybeans  are at $13.90 1/4, up 1/2 cent,

New Crop Cash  is at $13.36 5/8, down 0 cent,