Bean Market Mixed at Close

Soybean futures closed mixed on Thursday, with old crop fractionally to 2 1/2 cents lower. New crop futures also faded from their early session highs, though ended the day 1 1/2 to 3 1/2 cents in the black. Soymeal closed $1.60 to $2 higher. Front month BO futures were 11 to 23 points in the red on Thursday. 

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. 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 was 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 Jan WASDE forecasts 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.  

Going into the Feb WASDE report, analysts surveyed are estimating the U.S. soybean carryout at 315.7 mbu on average. That would be a 34.3 mbu drop from the Jan figure if realized. 

Mar 22 Soybeans  closed at $15.44 1/4, down 1 cent,

Nearby Cash  was $14.98 1/4, down 1 cent,

May 22 Soybeans  closed at $15.47, down 2 1/2 cents,

Nov 22 Soybeans  closed at $13.92 3/4, up 3 cents,

New Crop Cash  was $13.40 3/4, up 4 1/4 cents,