After trading higher into the day session, beans are down by 6 to 7 ½ cents for the midday prints. Soymeal futures are down by as much as 1.7% at midday. Front month Soy oil futures are off their session lows, but just 7 to 10 points in the black.
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 are at $11.54, down 6 3/4 cents,
Nearby Cash is at $11.02 3/8, down 6 3/4 cents,
May 24 Soybeans are at $11.58 1/4, down 6 3/4 cents,
Jul 24 Soybeans are at $11.66, down 8 cents,
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