Soybeans dropped from their midday highs, but still closed mostly higher on the day. Old crop futures were fractionally mixed to 1 ½ cents weaker while new crop prices closed fractionally to 1 ¼ cents higher. Soymeal futures ended the day $2.20 to $3.10 stronger, while the Soy oil futures were 77 to 89 points weaker across the front months.
Analysts are looking for soybean bookings between 700k MT and 1.2 MMT in the FAS Export Sales report. New crop bean bookings are expected to be below 50k MT in the report. Traders are also looking to see soymeal sales between 150k MT and 450k MT for the week, while soy oil bookings are expected to be below 10k MT with the possibility of net cancelations.
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.
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 $12.40 1/4, up 3/4 cent,
Nearby Cash was $11.85 5/8, up 1 3/8 cents,
May 24 Soybeans closed at $12.46 1/2, down 1/2 cent,
Jul 24 Soybeans closed at $12.52 3/4, down 1 1/2 cents,
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