The AM soybean market is trading 1 ½ to 3 ¼ cents higher so far into the day session. Soybean futures were weaker to start the week, closing fractionally to 5 ¾ cents in the red. Soymeal futures also faded on Monday, closing down by 1.2%. Soy Oil futures settled with 47 point gains. Preliminary soybean open interest was up 4,557 contracts on Monday, suggesting net new selling. The soy oil rally was short covering, with OI dropping 2,299 contracts.
CME confirmed another 14 soybean deliveries against the March contract, now up to 1,685 for the month. There were 68 put out against meal and 80 against soy oil, now at 265 and 961 MTD respectively.
Stats Canada released a 2024 planting intentions report on Monday, showing canola acres expected at 21.39 million, slightly below the 21.6 million acre estimate coming in and 3.1% below last year. Soybean intentions were very close to last year, at 5.58 million acres, down just 0.9% and in line with estimates.
US Export Inspections data had 706,334 MT of soybean shipments for the week that ended 3/7. That was down from 1.2 MMT last week but was up 68k MT from the same week last year. Total shipments, at 35 MMT, remain 19.2% behind last year’s pace.
AgRural estimates Brazilian harvest is 55% complete, slightly ahead of the 53% from last year.
May 24 Soybeans closed at $11.79 1/4, down 4 3/4 cents, currently up 3 cents
Nearby Cash was $11.21 3/8, down 4 1/8 cents,
Jul 24 Soybeans closed at $11.91 3/4, down 3 3/4 cents, currently up 3 cents
Nov 24 Soybeans closed at $11.72 3/4, down 1 cent, currently up 2 cents
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