Soy Futures Higher for Friday

Midday bean futures are trading 5 to 8 1/2 cents in the black, but are off their early session highs. Soymeal futures are back up by $2.60 to $3.40 per ton. Front month BO futures are adding 41 to 49 points to the upside. The weekly average cash B100 price was down from $5.55 to $5.48/gal during the week of 2/11. 

USDA reported tow large flash sales this morning. China booked 108k MT of new crop beans and unknown purchased 30k MT of soybean oil for 21/22 delivery. Weekly data reported old crop soybean bookings as 1.59 MMT for the week that ended 2/3. New crop sales were 894k MT. Soybean shipments were tallied at 37.66 MMT for the MY though 2/3.

Conab reduced its estimate for Brazilian soybean production to 125.5 MMT. That was a major drop from 140 MMT last month and well below USDA’s new 134 MMT figure. The Rosario Grains Exchange revised their Argentina soy output 500k MT higher to 40.5 MMT.  

Mar 22 Soybeans  are at $15.78 1/4, up 4 cents,

Nearby Cash   is at $15.32 7/8, up 3 3/4 cents,

May 22 Soybeans  are at $15.81 1/4, up 4 3/4 cents,

Nov 22 Soybeans  are at $14.40, up 8 cents,

New Crop Cash   is at $13.92 1/2, up 8 5/8 cents,