Bean futures traded mostly higher overnight, but have faded back to fractionally lower to 2c in the red for the AM quotes. The soybean market was 8 ½ to 15 ¼ cents stronger with 1% gains for the old crop contracts. Soymeal futures were 1% to 1.5% higher for the front months. Soy oil futures closed 5 points in the black.
Farm Futures survey results have 24/25 US soybean area at 84.95 million acres. The S&P Global estimate was to see 85.5 million acres.
Weekly Inspections data from USDA’s FGIS had 1.16 MMT (42.7 mbu) of soybean exports during the week that ended 1/18. That was a 117k MT drop from last week’s volume and was 37% below the same week last year. Accumulated bean shipments were totaled at 26.751 MMT (982.9 mbu), compared to 34.3 MMT (1.26 bbu) last year. Friday’s FAS data had 12.16 MMT (447 mbu) of unshipped bean sales on the books as of 1/11.
Safras and Mercado updated Brazil’s soybean harvest to 5.1% complete as of 1/19. That compares to 1.7% at the same time last year. AgRural estimated harvest at 6% complete as of 1/18.
Mar 24 Soybeans closed at $12.39 1/2, up 15 1/4 cents, currently down 1 1/2 cents
Nearby Cash was $11.83 1/4, up 15 1/4 cents,
May 24 Soybeans closed at $12.47, up 14 cents, currently down 1 3/4 cents
Jul 24 Soybeans closed at $12.54 1/4, up 13 cents, currently down 1 3/4 cents
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