Beans Close Down by Double Digits

Soybean futures traded weaker on Tuesday in conjunction with the other row crops. Ultimately beans closed 16 3/4 to 18 3/4 cents lower in nearby contracts and 9 1/2 to 12 3/4 cents in the red for new crop. Soybean meal futures ended the day $9.10 to $9.70/ton lower. BO was firmer, fading just 6 to 18 points by the bell. Soy oil was at one point down by triple digits on Tuesday. 

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. 

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. 

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. AgroConsult estimates Brazilian soy output at 125.8 MMT, down by 8.4 from their prior figure. 

Mar 22 Soybeans  closed at $15.51 1/4, down 18 3/4 cents,

Nearby Cash  was $15.05 1/4, down 18 5/8 cents,

May 22 Soybeans  closed at $15.55 3/4, down 18 1/4 cents,

Nov 22 Soybeans  closed at $14.32, down 10 1/2 cents,

New Crop Cash  was $13.82 1/4, down 11 cents,