Soybean futures are trading mixed with old crop 1 to 1 ¾ cents stronger but new crop fractionally to 3 ¾ cents weaker. Midday Soymeal futures are still up by $3.30 to $6.30 stronger so far. Soy oil futures are down by 50 to 60 points after turning red from the AM session gains.
Chinese Dalian Soybean Prices were 15 to 20 yuan lower on Monday while the US market was closed.
Traders are looking for NOPA members to report between 189 mbu and 193.2 mbu for December’s crush. The average trade guess is to see 193.12 mbu, which would be up 2.2% from November and up 8.8% from Dec ’22.
AgRural reported Brazil’s soybean harvest at 2.3% complete as of 1/11. That compared to 0.6% at the same time last year. Safras and Mercado reported harvest at 2.1% finished, with Patria Agronegocios reporting 2.4% complete.
Private analyst firm Capeco anticipates Paraguay’s first crop bean harvest at 9.5 MMT – citing El Nino rain patterns.
Commitment of Traders data released after the Friday close showed soybean spec fund traders adding shorts during the week that ended 1/9. That strengthened their net short by 19.6k contracts to 31,248.
Mar 24 Soybeans closed at $12.25 1/2, up 1 1/4 cents,
Nearby Cash was $11.68 1/2, up 2 cents,
May 24 Soybeans closed at $12.36 3/4, up 1 cent,
Jul 24 Soybeans closed at $12.44 3/4, up 1/2 cent,
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