Soybean prices are fading on Wednesday, though losses are held to within a nickel so far. The May contract has seen a 13 ¼ cent range, most of which was spent in the red. Current Soymeal futures are mixed within $1 of UNCH. Soy Oil futures are 28 to 30 points higher across the front months at midday.
Soy deliveries from the CME for 3/5 were 134 contracts of beans, none for meal, and 19 for BO. The March bean deliveries were issued by Marex and stopped by Bunge for a cumulative total of 1,566. The oldest remaining long was marked at 2/28.
A pre-report survey showed the average trade guess for soybean carryout at 318.8 mbu, which would be 3.8 mbu looser if realized on Friday. The full range of estimates is from 22 mbu tighter to 40 mbu looser. Traders are also looking for USDA to cut Brazilian soy production by 3.2 MMT in the monthly WASDE, with a 1.3 MMT tighter carryout.
Brazil’s soybean harvest via AgRural reached 48% finished, which is still 5% points ahead of last year’s pace.
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.
Mar 24 Soybeans are at $11.40, down 3/4 cent,
Nearby Cash is at $10.88 1/1, down 2 1/8 cents,
May 24 Soybeans are at $11.47, down 2 cents,
Jul 24 Soybeans are at $11.57 1/2, down 1 1/2 cents,
Nov 24 Soybeans are at $11.41 1/4, down 3 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.
