Soybeans Down Double Digits Early Tuesday

Soybeans are down 14 to 18 cents per bushel lower on Tuesday morning, with all of the US traded grains and oilseeds in negative territory. Soybean oil futures bounced Monday afternoon and ended the day 9 to 31 points in the black. Beans and meal also closed off their lows, but were still red to start the week. For old crop soybeans Monday’s losses were 6 3/4 to 13 cents, while new crop closed UNCH to 4 3/4 cents lower. Soymeal closed out with $6.90 to $8.20 losses.  

Weekly Export Inspections data showed soybean exports totaled 1.155 MMT for the week that ended 2/10. That was 85.5k MT under last week’s shipments but was up 25% from the same week last year. China was the week’s top destination with 507k MT of the total. USDA’s weekly data had the MY soy export at 38.82 MMT, compared to 50.3 MMT at the same time last year. 

Analysts estimate NOPA members processed 186.68 mbu of soybeans in January. The full range is to see between 183.68 and 188.5 mbu reported, with a BO stockpile of 2.03b lbs. The report will be release today.

Safras and Mercado reported Brazil’s bean harvest at 25.6% complete through 2/11. That compares to 17.1% last year and the 5-yr average of 16.2%.  Some extended weather forecasts suggest a wetter pattern will develop in early March. 

Mar 22 Soybeans  closed at $15.70, down 13 cents, and down 17 ¾ this morning

Nearby Cash  was $15.24 7/8 on Monday, down 13 cents,

May 22 Soybeans  closed at $15.74, down 12 1/4 cents, and down 17 ¼ this morning

Nov 22 Soybeans  closed at $14.42 1/2, down 1 1/2 cents, and down 13 ¼ this morning

New Crop Cash  was $13.93 ¼ on Monday, down 1 1/2 cents,