Soybeans are 6 1/4 to 9 cents in the red this morning, as grain futures correct into the midweek market session. The Tuesday trade session showed soybean futures posting 14 to 28 ¾ cent gains in most contracts. Meal was supportive with gains of $10.60-11.10/ton in the front months. Bean oil was up 25 points in July. Buying to begin the month is helping to ease the losses from last week’s USDA reports.
Ahead Friday’s WASDE update from USDA, the trade is expecting the US soybean balance sheet to be 23 mbu tighter than in March to 262 mbu.
February trade data from Census indicated 3.79 MT of soybeans were shipped during the month. That was down 16.83% from Feb 2021 and 40.7% lower than January as Brazil beans were starting to hit the market. Soybean meal shipments were a 5-year low at 981,746 MT, with bean oil exports the lowest in 3 years at 106,887 MT.
May 22 Soybeans closed at $16.31, up 28 3/4 cents, currently down 6 1/2 cents
Nearby Cash was $15.71 7/8 on Tuesday, up 26 1/8 cents,
Jul 22 Soybeans closed at $16.14, up 25 cents, currently down 6 1/2 cents
Nov 22 Soybeans closed at $14.55 3/4, up 16 cents, currently down 9 cents
New Crop Cash was $14.09 ½ on Tuesday, up 15 7/8 cents,
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