Soybeans are up by 1 ½ to 3 ½ cents which has the May contract working at the $12 mark early Thursday futures trading. Front month soybean futures ended the Wednesday session within 2c of UNCH. The old crop prices were fractionally to 1 ¾ cents in the black and May saw a 16 ½ cent range. New crop beans were fractionally to 1 ½ cents in the red after Nov printed a 12 ¼ cent range. The new crop soy/corn ratio was still above 2.5 at the close. Soymeal futures settled Wednesday off the lows but still $2.50 weaker. Likewise, Soy Oil futures settled off their highs but still 80 points in the black.
Preliminary open interest for soybeans rose 8,859 contracts, mostly in the July futures.
Malaysian Palm Prices were up by 45 ringgits on Wednesday to the highest prices for a year. Nearby Canadian Canola Prices ended the day $2.70 weaker.
Analysts are looking for USDA’s FAS to confirm between 250k MT and 800k MT of soybeans were sold during the week of 3/7. New crop bookings are expected to be below 50k MT. Traders are also looking for the weekly meal bookings to come in between 150k MT and 350k MT for the week. Traders expect to see soy oil sales from 2k MT of cancelations to 20k MT of net new sales.
Traders are looking for NOPA members to confirm between 170.2 mbu and 185.5 mbu of soybeans were processed in February. The average of estimates is to see 178.1 mbu, which would be down from their Jan crush (fewer days in the month) by 4.2% but would still be 7.6% higher compared to Feb ‘23. Survey respondents are also looking for soy oil stocks to increase 5.6% for the month to 1.59 billion lbs.
CONAB estimated Brazil’s soybean production at 146.85 MMT, a 2.55 MMT cut and now 8.15 MMT under USDA. That came via a 220k harvested acre increase and a 0.93 bpa yield hit nationally.
May 24 Soybeans closed at $11.96 3/4, up 3/4 cent, currently up 3 1/2 cents
Nearby Cash was $11.40 1/1, up 7/8 cent,
Jul 24 Soybeans closed at $12.10 1/4, up 1 3/4 cents, currently up 3 1/4 cents
Nov 24 Soybeans closed at $11.86, down 1 1/4 cents, currently up 1 3/4 cents
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