Soybeans are 4 cents off the overnight lows, but are still trading 1 ¼ to 3 cents weaker this morning. The front month soybean market was off the highs by 10 cents for the day, though still 3 ¾ to 6 ½ cents higher to start the week. Preliminary open interest was down 1,479 contracts, with a 2,719 drop in the May contract, suggesting some short covering. March bean futures had another 3 new delivery notices, to bring the total to 1,432. Soymeal futures closed $1.20 to $1.50 higher, but May was $4 off the high for the close. Soy Oil prices closed 1 to 3 points in the black.
Canadian Canola Prices closed $5.20 higher on Monday, and is currently backing off by 60 Canadian cents/MT.
Brazil’s soybean harvest was reported at 46% via Patria Agronegocios. That compares to 43% at the same point last year.
Yesterday, 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.
Mar 24 Soybeans closed at $11.47, up 4 cents, currently down 2 1/4 cents
Nearby Cash was $10.96 1/1, up 4 7/8 cents,
May 24 Soybeans closed at $11.55, up 3 3/4 cents, currently down 1 3/4 cents
Jul 24 Soybeans closed at $11.65 1/4, up 4 cents, currently down 1 1/2 cents
Nov 24 Soybeans closed at $11.46 1/4, up 6 1/2 cents, currently down 1/2 cent
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