Front month soybean futures are up by 6 ¾ to 11 ½ cents at midday. Soy Oil futures are leading the way with 2% gains on the board at midday. Front month Soymeal futures are trading $1.30 to $2.60 higher so far.
USDA’s weekly Export Sales report showed 613,534 MT of soybeans were shipped during the week that ended 2/29. That was a 7-week high and was at the upper end of expectations. The season’s commitments were marked at 39.43 MMT (1.45 bbu), which is now 9% behind last year’s pace (vs -9.9% the week prior).
Census data showed the official U.S. soybean export was 5.96 MMT in January. That is up from 8.56 MMT last year.
Official Brazilian soybean shipments were 6.61 MMT in February. That was up from 5 MMT during Feb ’23.
Chinese customs data showed 2024 soybean imports are off to a 5-yr low start as 13.04 MMT have been brought in over the first two months.
Brazil’s soybean harvest via AgRural reached 48% finished, which is still 5% points ahead of last year’s pace.
Mar 24 Soybeans are at $11.56 1/2, up 16 1/4 cents,
Nearby Cash is at $11.00 1/4, up 10 5/8 cents,
May 24 Soybeans are at $11.58 3/4, up 10 1/2 cents,
Jul 24 Soybeans are at $11.68 1/2, up 9 3/4 cents,
Nov 24 Soybeans are at $11.49 1/2, up 7 1/4 cents,
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