Beans Fading for Midday

So far for midday, soybean futures are down 14 1/4 to 19 3/4 cents. Soymeal prices are also red for the Turnaround Tuesday, though losses there are limited to $1.10 so far. The soy oil market is down the hardest with triple digit losses of at least 2.8%. 

USDA reported two large export sales this morning. China booked 132k MT of new crop beans. Private exporters also sold 332k MT of new crop beans to unknown destinations. 

Official Census data showed 8.108 MMT (279.9 mbu) of soybeans were shipped during December. That was down from the 10.6 MMT shipped in November 2021 and from 10.44 MMT in Dec 2020. The MY’s total soybean export program reached 31.418 MMT (1.154 bbu) through December, compared with weekly Inspections data for 37.643 MMT as of 2/3. 

Census data listed the month’s soymeal export as 1.266 MMT. That was a MY high but down 4% yr/yr. The full season’s export, at 3.458 MMT, trails 2020/21’s pace by 0.5%. Soybean oil shipments were reported at a 3-yr low 82,852 MT for December. 

Mar 22 Soybeans  are at $15.64 1/4, down 17 1/2 cents,

Nearby Cash  is at $15.18 7/8, down 17 1/4 cents,

May 22 Soybeans  are at $15.68, down 18 1/4 cents,

Nov 22 Soybeans  are at $14.06 1/2, down 9 1/2 cents,

New Crop Cash  is at $13.55 7/8, down 8 7/8 cents,