Soybeans are down by 2 to 3 cents in the old crop contracts this morning, while new crop futures are up by as much as 2 cents. On Thursday, soybeans fell by 10 ½ to 13 ¼ cents and left nearby March just a penny off the low for the close. March is still above the $11.45 low from last May, with March options expiring today. Soymeal futures were 1.4% to 2.1% weaker across the front months. Soy oil futures closed 51 to 62 points weaker, leading the nearby contracts to new LoC lows. The average Nov soybean price has been $11.66 so far in February, from $13.76 last year.
Weekly Export Sales are expected to come in between 300k MT and 800k MT for old crop bean bookings during the week that ended 2/15. New crop soybean sales are expected to be below 50k MT. Traders are looking for soymeal bookings to be between 150k MT and 400k MT. Weekly soy oil sales are expected to be between below 10k MT.
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. The BA Grain Exchange left their estimate UNCH at 52.5 MMT. They showed improvement in crop condition, with2% of the previous poor/very poor beans now rated fair.
Mar 24 Soybeans closed at $11.47 3/4, down 13 cents, currently down 2 cents
Nearby Cash was $10.96 1/8, down 12 7/8 cents,
May 24 Soybeans closed at $11.52 1/2, down 12 1/2 cents, currently down 2 1/2 cents
Jul 24 Soybeans closed at $11.60 3/4, down 13 1/4 cents, currently down 2 cents
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