Soybean futures are down by 11 ½ to 14 ¾ cents for the midday quotes. That has the March contract just 5c off the low for the session. Soymeal futures are trading $0.40 to $2.10 in the red so far. Soy oil futures are also in the red with 30 to 45 point losses so far for the new week.
There were zero deliveries against January meal futures overnight, and only 100 since the beginning of the month. There were 20 contracts put out against Jan BO, with Bunge stopping most of them. There were 138 contracts put out against January soybeans, with Bunge stopping 120 of them for the house account. Preliminary open interest showed net new selling of soybeans on Friday, up 2,744 contracts.
The weekly Export Inspections data had 674,749 MT of soybean shipments for the week that ended 1/4. That was down from 969k MT the week prior, and was less than half of the same volume during the same week last year. The season’s total reached 23.95 MMT compared to 30.2 MMT for last year’s pace.
Safras an Mercado estimated the soybean crop at 151.4 MMT, down from their 158.2 MMT forecast in December and is now 4.1% lower yr/yr. Brazil’s government estimates December soybean exports were 3.8 MMT, up from only 1.9 MMT in December 2022.
Jan 24 Soybeans are at $12.36 1/4, down 13 1/2 cents,
Nearby Cash is at $11.85 7/8, down 15 1/4 cents,
Mar 24 Soybeans are at $12.41, down 15 1/4 cents,
May 24 Soybeans are at $12.50, down 14 1/4 cents,
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