The soybean futures are trading firmer, but off the session highs into midday. Current quotes are still 4 ¾ to 7 ¼ cents in the black, which is reducing March’s weekly decline to 14 cents. Soymeal futures are currently $4.10 to $5.50 stronger at midday for the last trade day of the week. Soy oil futures are continuing weaker so far, with another 40 to 50 point losses for the last trade day of the week. The CME Synthetic Soy Cr ush ratio is back up to 91 ¼ cents at midday for spot and 4% to 90 ½ cents/bu for spot, but is down to $1.04 for the new crop ratio.
Weekly Export Sales data showed 353,775 MT of soybeans were sold for 23/24 delivery and 24k MT for 24/25 delivery during the week that ended 2/8. That was at the low end of expectations and was down 5% from the same week last year. USDA had 8.4 MMT of unshipped beans on the books, which remains 28% behind last year.
NOPA members reported processing 185.78 million bushels of soybeans in January. That was a 4.1 mbu miss from the average trade guess but was still up 3.8% from Jan last year as a new record for the month. Soybean oil stocks were shown at 1.507 billion lbs, which were also above estimates and up from 1.36 billion in Dec.
The IGC has soybean ending stocks at 65 MMT from 66 MMT last month on a 1 MMT lighter global production.
Mar 24 Soybeans is at $11.69, up by 6 3/4 cents,
May 24 Soybeans is at $11.72 1/4, up by 6 1/4 cents,
Jul 24 Soybeans is at $11.81, up by 5 3/4 cents,
Nov 24 Soybeans is at $11.46 3/4, up by 6 cents,
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