The front month soybean futures are trading mixed within 2 cents of UNCH at midday. Soymeal futures are also mixed within 30 cents of UNCH so far. Soy Oil futures are working 30 points in the red so far.
USDA’s weekly Export Sales data had 494k MT of soybeans booked during the week that ended 3/14. That was inline with estimates and up 31% from the week prior. Total commitments are now 40.16 MMT, or 19% behind last year’s pace.
The week’s soymeal bookings were shown at 243k MT, which brought total old crop commitments to 10.1 MMT. BO bookings were back down to 1.9k MT for the week.
USDA’s attache released their preliminary 24/25 estimates for Chinese soybean imports at 103 MMT. That would be down from the 103-105 MMT forecasted for old crop.
Brazilian freight sources are expecting March soybean exports to reach 14 MMT (514 million bushels). If achieved, that would be 6% above last March and a new record for the month. For perspective, US soybean crush for the entire Sep-Nov quarter was 576 million bushels.
May 24 Soybeans are at $12.08, down 1 1/2 cents,
Nearby Cash is at $11.51 5/8, down 1 5/8 cents,
Jul 24 Soybeans are at $12.22, down 1 1/4 cents,
Nov 24 Soybeans are at $12.01 1/4, up 1 cent,
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.
