Beans Mostly Red on Product Strength

Soybean futures are mixed at midday, with May and March ’23 still holding onto gains. The other nearbys are down by 1/4 to 2 1/4 cents. Soymeal is gaining $1.10 to $2.70/ton through midday. BO futures are up 58 to 64 points so far. 

USDA announced a private export sale for 132k MT of old crop beans to China this morning. 

Weekly soybean export sales were reported as 548,913 MT during the week that ended 4/7. That was down from 800k MT last week, though inline with pre-report estimates. Soybean exports were 806,538 MT which left the season’s total at 45.13 MMT – or 78% of the WASDE forecast. There were still 11.51 MMT on the books as of 4/7, which has the total commitment at 93% of USDA’s export forecast. For new crop, USDA reported 458k MT of soybean sales with China having bought 267k MT of the total. Forward sales were reported as 8.92 MMT as of 4/7, up 51% from last year. China holds 2/3 of the total. 

For the products, USDA data had 174,945 MT of meal bookings and 6,124 MT of soy oil sales – both within the range of estimates. Soymeal exports were tallied at 128,828 MT and set the season’s total at 6.43 MMT. BO shipments were 2,979 MT on the week for 500,439 MT for the season. 

NOPA is set to release March crush data on Friday. Ahead of the release, analysts expect NOPA members crushed 181.991 mbu of soybeans in March. Estimates range from 179.2 to 186 mbu, compared to last year’s 177.98 and Feb’s 165.05 mbu. Member BO stocks are estimated at 2.135 billion lbs. 

BAGE reported the Argentine soy harvest at 14% complete as of 4/13. USDA’s Ag Attache estimated Brazil’s 22/23 soy crop at 139 MMT on a 1.8m HA area expansion. 

May 22 Soybeans  are at $16.79 1/2, up 3 1/2 cents,

Nearby Cash  is at $16.20 3/8, up 5/8 cent,

Jul 22 Soybeans  are at $16.64, down 1 cent,

Nov 22 Soybeans  are at $15.01 3/4, down 4 cents,

New Crop Cash  is at $14.54 3/8, down 3 cents,