Soybeans are 6 ½ to 8 ¼ cents higher, and at or near their overnight highs, heading into the weekly USDA Export Sales report release. That has March soybeans at a net 2 ½ cent loss for the week’s move so far. Front month bean futures were 1 to 7 ¾ cents higher on Thursday, though new crop was left behind. The March-Nov spread is now 22 ¼ cent inverse. Soymeal futures closed $1.30 to $2.60 higher, while Soy oil futures ended 5 to 8 points weaker.
Daily traffic for the Panama Canal was reduced to 24 vessels/day through April. The Panama Canal Administrator Ricuarte Vásquez reported a total that 791 (20%) fewer ships had passed through the canal since the daily traffic restrictions began in November.
Analyst estimates range from 400k MT to 900k MT for soybean export bookings during the week that ended 1/11. New crop soybean sales are expected to be sub-50k MT. Pre-report estimates for soymeal sales range from 100k MT to 400k MT, with BO expected to be within +/-10k MT.
The BAGE estimates that 97% of the Argentine soybean crop is now planted. They rate 55% good or excellent, up 4% from last week, with 2% rated poor.
Mar 24 Soybeans closed at $12.13 1/2, up 7 3/4 cents, currently up 8 1/4 cents
Nearby Cash was $11.57 7/8, up 8 cents,
May 24 Soybeans closed at $12.24 1/4, up 6 cents, currently up 7 1/2 cents
Jul 24 Soybeans closed at $12.33, up 4 3/4 cents, currently up 8 cents
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