Bean Prices Higher at Midday

So far for Friday, front month soybean futures are gaining 2 to 4 3/4 cents. The March contract’s options expire at the close, with a possible $16 pin in play. New crop beans are fractionally to 3 cents in the black. Soymeal futures are trading mixed within 60 cents of UNCH. BO futures are higher through midday, gaining 32 to 38 points so far. USDA’s weekly biofuels report showed B100 prices averaged $5.70/gal. That was well above last week’s $5.48/gal average price. 

USDA reported a private export sale of 198k MT of soybeans to unknown destinations. That is to be split 66k MT old crop and 132k MT for 22/23 delivery. The weekly Export Sales report showed 1.362 MMT of soybeans were sold during the week that ended 2/10. The weekly update included 1.526 MMT for new crop sales, which brought the forward book to within 2% of last year’s pace at 4.5 MMT. As far as old crop exports, the USDA reported 1.213 MMT were shipped during the week. Accumulated exports were 38.81 MMT as of 2/10, which is still 14% behind last year’s pace. 

IGC reduced their global soybean production estimate by 15 MMT, citing SoAm dryness, to 353 MMT. Consumption was reduced to offset some of the lighter output, but carryout was still 9 MMT tighter to 43 MMT in their latest report. BAGE trimmed 2 MMT off their soy output estimate, now expecting 42 MMT for Argentina. 

Mar 22 Soybeans  are at $15.95 3/4, up 3 3/4 cents,

Nearby Cash  is at $15.49 3/8, up 3 1/2 cents,

May 22 Soybeans  are at $15.98 3/4, up 2 3/4 cents,

Nov 22 Soybeans  are at $14.62, up 1 1/4 cents,

New Crop Cash  is at $14.12 5/8, down 1/8 cent,