Front month soybean futures rallied further at the open, to nearly 20c gains. Futures have since faded back to a mixed midday. Old crop futures are trading fractionally to 4 ¾ cents weaker, while new crop futures are holding 2 cent gains. Soymeal futures have also flipped 180 into the midday prints, now down $3.40 on the day from the earlier $5 gains. Soy oil futures are holding 55 points in the black so far.
USDA announced a private export sale for 123k MT of old crop soybeans to unknown destinations.
Dr. Cordonnier released his preliminary US soybean supply estimates for 24/25, expecting a 52 bpa national average yield on 87.5m acres for a 4.5 billion bushel crop.
Brazil’s soybean harvest was marked at 40% complete by consulting firm AgRural, that was up from 33% at the same point last year.
Indonesia’s Palm Oil Association expects the 2024 biodiesel consumption will be between 12.5 and 13m kL from 12.2m kL last year. That could hinder palm oil exports, by up to 4%.
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 at this time.
Mar 24 Soybeans are at $11.32 1/4, down 3 3/4 cents,
Nearby Cash is at $10.82, down 2 3/4 cents,
May 24 Soybeans are at $11.43 1/4, down 2 cents,
Jul 24 Soybeans are at $11.54 1/2, down 3/4 cent,
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