Bean Market Off Lows But Still Down

Soybean futures are trading 6 3/4 to 9 1/4 cents in the red for Tuesday’s session. Prices were down by more than 25 cents earlier in the day. Soymeal prices are down by $4.30 to $4.70 ton. BO prices are 13 to 15 points weaker at midday. 

USDA announced a private soybean sale to Mexico for 101k MT. The sale would be split 53.5k for old crop delivery and 47.5k for 22/23 delivery. 

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. 

The NOPA crush report had 182.216 mbu of soybeans processed during January. That was below the 186.7 mbu the trade expected and 2.44 mbu lower yr/yr. NOPA members reported soy oil stocks of 2.026 billion lbs, which was just under the average pre report estimate of 2.03b lbs. 

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%. Brazil’s Ag Rural reported soybean harvest at 24% complete. USDA’s Ag Attache reported 134.5 MMT as their Brazilian soybean crop estimate dated the 9th. That figure, released yesterday, was calculated ahead of the WASDE official estimate of 135 MMT. 

Mar 22 Soybeans  are at $15.62 3/4, down 7 1/4 cents,

Nearby Cash  is at $15.17 1/2, down 7 3/8 cents,

May 22 Soybeans  are at $15.66 1/4, down 7 3/4 cents,

Nov 22 Soybeans  are at $14.35 1/4, down 7 1/4 cents,

New Crop Cash  is at $13.87 7/8, down 6 3/8 cents,