The AM soybean market is 2 to 3 ¼ cents higher. Overnight the March contract kept to a tighter 9c range from -2 ½ to +6 ½ cents. Front month soybean futures were down by double digits on the day ending 11 to 18 ¾ cents weaker. Soymeal futures offered no help with 1.5% losses across the front months. Soy oil futures weakened by another 58 points across the front months. CME data had a net 10.2k fewer contracts in OI, mainly via closed March contracts. May futures’ OI increased by 7k contracts. The options data had 7.8k new contracts, mainly via new calls in play.
Brazil’s Anec reported 7.3 MMT of soybean exports for February. That was 250k MT under Feb ’23. Meal shipments are expected to round out the month with 1.86 MMT compared to 1.28 MMT last year.
The Rosario Grain Exchange lowered their Argentine production forecast 2.5 MMT to 49.5 MMT. That puts them below the February USDA forecast of 50 MMT.
Mar 24 Soybeans closed at $11.60 3/4, down 18 1/4 cents, currently up 3 1/4 cents
Nearby Cash was $11.09, down 19 1/4 cents,
May 24 Soybeans closed at $11.65, down 18 1/2 cents, currently up 3 cents
Jul 24 Soybeans closed at $11.74, down 18 cents, currently up 3 cents
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