Soybeans are working off their lows by 6c but still 1 ½ to 3 cents weaker across the front months at Monday’s midday. Soymeal futures are currently $2 weaker in the front month contracts, save for March which is up by 70 cents as OI declines. Soy oil futures are the strong point in the Monday soy market, trading through midday with 38 to 40 point gains.
Brazil’s soybean harvest was marked at 38% complete. A fire caused a disruption to export loadings out of Paranagua, though reports suggest operations resumed on Saturday afternoon.
USDA’s weekly Export Inspections data showed 974,977 MT of soybeans were exported during the week that ended 2/22. That was down 316k MT from the week prior, but was up 209k MT from the same week last year. USDA also picked up over 100k MT of beans for past reports, taking the accumulated export total to 33.05 MMT – which remains 21.6% behind last year’s pace.
Weekly soybean export bookings were a new marketing year low of just 55,919 MT amid plunging South American FOB offers. Traders were looking to see at least 300k MT sold for the week of 2/15. Total commitments for the season now trail last year’s pace by 20%. Meal sales came in at 202k MT for the week, which was inline with estimates and near last week’s sale. The weekly report also had 5k MT of soy oil sales.
Mar 24 Soybeans are at $11.30 1/4, down 2 3/4 cents,
Nearby Cash is at $10.79 1/4, down 2 1/4 cents,
May 24 Soybeans are at $11.39 1/2, down 2 1/4 cents,
Jul 24 Soybeans are at $11.50 1/4, down 1 cent,
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