The front month soybean futures market was down by 1 ½ to 5 ¾ cents across the front months on the day. The May contract finished the session 92 cents weaker for the month of Feb. Nov futures were also 66 ½ cents lower on the month. The average Nov close for the month was $11.57 for crop insurance calculation. Soymeal futures were $0.40 to $2/ton stronger on the day, leading the May contract to a $34/ton loss on the month. Soy Oil futures closed the day 2 to 4 points higher on the day, but still a net 133 points weaker for the monthly move.
Weekly Soybean bookings were shown at 159,725 MT. That was up from the MY low last week but was still at the bottom of estimates and was 62% below the same week last year. Total commitments are now 20% behind last season’s pace. The weekly Export Sales report showed 456k MT of soymeal was sold which was a 54% increase from the 4-wk average. BO bookings were 3k MT.
Weekly soybean export sales are expected to be between 100k MT and 600k MT for the week that ended 2/22. Meal bookings are expected to be below 550k MT going into the FAS data release. Traders aren’t looking for more than 100k MT of soy oil sales for the week.
StatsCan data showed 973k MT of canola processing for January. That was up by 7% from last year, with the season’s total running 12.7% ahead of last year’s pace.
Mar 24 Soybeans closed at $11.28 1/4, down 5 3/4 cents,
Nearby Cash was $10.77 1/1, down 8 1/8 cents,
May 24 Soybeans closed at $11.40 3/4, down 4 1/2 cents,
Jul 24 Soybeans closed at $11.51 1/4, down 4 1/2 cents,
Nov 24 Soybeans closed at $11.33 1/4, down 1 3/4 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
