Beans and meal futures are off their daily highs, but still trading in the black at midday. Soy oil futures are down by 31 to 33 points at midday pushing the downside. Front month beans are up by as much as 9 cents, led by the new crop contracts. Midday Soymeal prices are still $2.70 to $3.10 in the black, though ~$4 off the day’s high.
Dalian Soybean Prices in China gapped lower and pushed to 55 to 77 yuan/MT (~29 c/bu) losses on Monday, following their Lunar New Year break, while the U.S. markets were closed for President’s Day. The March No.1 contract settled at 4,688 yuan (~$17.74/bu), while the No.2 import quality was 3,675 yuan (~$13.90/bu).
USDA announced a private export sale for 228k MT of soymeal to Philippines. The weekly Export Inspections data from USDA showed 1.185 MMT of soybeans were exported during the week that ended 2/15. That was down from 1.34 MMT the week prior and was nearly 400k MT below the same week last year. USDA listed the season’s total at 31.969 MMT as of 2/15, compared to 41.4 MMT of beans shipped during the same point last season.
Soybean harvest in Brazil remains ahead of last year with 31.1% of the crop out vs 25% at the same time last year – via Patria Agronegocios. AgRural reported harvest at 32% finished for 2/15, and Safras had the bean harvest listed at 29.4% as of 2/16.
Mar 24 Soybeans are at $11.79 1/4, up 7 cents,
Nearby Cash is at $11.28 3/8, up 6 1/4 cents,
May 24 Soybeans are at $11.83, up 6 3/4 cents,
Jul 24 Soybeans are at $11.91 3/4, up 7 cents,
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