Front month soybean futures are working 2 ¼ to 6 ½ cents higher so far though prices are off their earlier highs – which had May up by 14 cents. CME reported another 225 March bean contracts were issued for delivery overnight. That brought the total for the month up to 1,429 as the oldest remaining long was bought last week. Soymeal futures are currently $1.50 in the black, but also off the session high. Soy Oil prices are trading in the red, though by 7 points so far.
Brazil’s soybean harvest was reported at 46% via Patria Agronegocios. That compares to 43% at the same point last year.
USDA announced a large private export sale for 126k MT of soymeal to unknown. Most of the purchase was for new crop delivery, though 30k MT is for 23/24.
Weekly Inspections data showed 1.02 MMT of soybeans were shipped for the week that ended 2/29. That was slightly below last week, but was 470k MT more than the same week last year. Soybean shipments still trail last year’s pace by 8.55 MMT with 34.2 MMT shipped.
NASS Fats & Oils report confirmed 194.8 mbu of soybeans were processed in January. That was under the average trade guess and was down 4.6% from Dec’s volume. Crush was still1.9% above Jan last year. Soybean oil stocks were 2.029 billion lbs, vs the 1.982 billion expected and the 1.82 billion in Dec.
Mar 24 Soybeans are at $11.49 1/2, up 6 1/2 cents,
Nearby Cash is at $10.95, up 4 cents,
May 24 Soybeans are at $11.54 3/4, up 3 1/2 cents,
Jul 24 Soybeans are at $11.65 1/2, up 4 1/4 cents,
Nov 24 Soybeans are at $11.43 3/4, up 4 cents,
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